Fiscal Cliff Update: A Bargain In Sight

The countdown remains tight with 14 days to go to the unknown beyond automatic spending cuts and tax hikes scheduled for Jan. 1, 2013. Just when things were beginning to seem hopeless for any deal between President Barack Obama and Speaker of the House John Boehner, it came out this weekend that the speaker had offered to cave on tax increases on the top 2 percent of income earners. Monday, however, Obama and Boehner met for closed press talks, which have seemingly yielded to the potentiality for compromise.

In response to Boehner’s initial weekend proposal, the president, according to the AP, offered Monday to trim the cost-of-living adjustment (COLA) for Social Security beneficiaries; also, he has adjusted his earlier threshold for higher taxes on couples earning $250,000 up to $400,000.

Meetings continue today — Tuesday — between the president and the speaker as recent reports further indicate movement on the part of both the White House and Congress towards a deal.

Some of the important first looks of the day below:

Human Events: House moves on tax cut in lieu of White House agreement

House Speaker John Boehner announced this morning that the Republican-controlled House will move forward with a plan of their own, in lieu of an agreement with President Barack Obama, to cancel out certain tax hikes taking effect on Jan. 1. Boehner (R-Ohio) said the House would vote early this week to extend tax breaks for those making less than $1 million a year. “Plan B is to protect as many American taxpayers as we can,” Boehner said. “It’s not a time to put Americans through more stress.”

Read More at Human Events . By Human Events Staff.

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