Sen. Harkin: No deal is better than a bad deal - KTIV News 4 Sioux City IA: News, Weather and Sports

Sen. Harkin: No deal is better than a bad deal

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Republicans and Democrats are getting closer to a deal to avoid the fiscal cliff.

That's coming from sources close to the process.

They tell CNN there is a possible deal on the table that includes an agreement to raise the income tax rate on top earners to what it was during President Bill Clinton's last term in office.

But now, some Democratic lawmakers are threatening to block the deal.

"If we are going to have some kind of a deal the deal must be one that really does favor the middle class, the real middle class, those making 30, 50, 60, 70-thousand dollars a year," Senator Tom Harkin, (D) Iowa said.

"As I have said before, no deal is better than a bad deal, and this looks like a very bad deal the way this is shaping up," Harkin said.

If lawmakers don't reach an agreement, automatic tax increases and steep spending cuts are expected to go into effect at midnight.

Economists have warned this could send the economy back into a recession.

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