Congressman Schock talks 'Fiscal Cliff'

By Audrey Williams

November 22, 2012 Updated Nov 22, 2012 at 6:42 PM CDT

PEORIA, Ill -- Just a little more than a month remains for congress to reach a compromise on nation's debt or we all face the so-called 'fiscal cliff'

Congress says they are waiting for President Obama to show his plan when he returns from a 10-day oversees trip this next week.

House Republican Aaron Schock in town for Thanksgiving said the President's plan would raise $80 billion in revenue. However, he said with a trillion dollar deficit they need to focus on cuts.

"The House has offered, the Republicans have offered their proposal, which balances without tax increases. We understand the President ran his campaign on the message of raising taxes, and he is quite adamant about raising revenue. We just think we can raise revenue by getting rid of deductions, not raising the tax rates," said Representative Schock.

Schock agrees, along with many other politicians, a bi-partisan effort will be the only way to reach a deal.

If they don't, the new year will ring in massive tax increases and budget cuts impacting nearly every American.

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