Rep. Terry: Republicans have no leverage

Rep. Lee Terry, R-Nebraska, says it would be politically advantageous for President Obama if no deal on the fiscal cliff is met by the end of the year, calling the administration’s proposals to tame the nation’s debt “disingenuous.”

"We come back from the election; we want to get the fiscal cliff resolved,” Terry told CNN on Friday. “But yet we aren't seeing anything from the White House.”

If no deal is reached by the end of the year, automatic federal spending cuts and tax rate increases will go into effect, a situation economists warn could slow economic growth and push the country back into a recession.

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