News

December 12, 2012

Attempt to avoid fiscal cliff talks intensify as Obama-Boehner hold telephone conversations

WASHINGTON — Despite an intensifying pace, little progress is being reported in talks on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy off a “fiscal cliff.”

House Speaker John Boehner and President Barack Obama spoke on the phone twice Tuesday, a day after the president offered to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion. But Obama continued to insist that much of the revenue come from raising top tax rates on the wealthy.

Read the Full Story: Washington Post