Washington – AP Sources: ‘Fiscal Cliff’ Deal Emerging

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Senate Minority Leader Mitch McConnell, R-Ky., followed by Sen. Pat Roberts, R-Kan., second from right, leaves the Senate chamber to meet with fellow Republicans in a closed-door session as the Washington – Working with Congress against a midnight deadline, President Barack Obama said Monday that a deal to avert the “fiscal cliff” was in sight but not yet finalized. The emerging deal would raise tax rates on family income over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year.

“There are still issues left to resolve but we’re hopeful Congress can get it done,” Obama said at a campaign-style event at the White House. “But it’s not done.”

The parties were at an impasse over whether to put off the automatic, across-the-board spending cuts set to take effect at the beginning of the year and if so, how to pay for that.

One official said talks were focused on a two-month delay in the across-the-board cuts but negotiators had yet to agree on about $24 billion in savings from elsewhere in the budget.

Officials emphasized that negotiations were continuing and the emerging deal was not yet final. And a confident Obama, flanked by cheering middle class Americans in a White House auditorium, jabbed Congress, saying lawmakers would use every last second to delay a deal. He said his hopes for a larger, more sweeping deal have been dashed and said that such an accommodation was not possible “with this Congress at this time.”

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5 COMMENTS

  1. To #2:

    The Supreme Court made it clear that our President must spend …. spend the money that Congress appropriates to him. Look at Article 1 of the Constitution.

    This is another case of the “Worst Congress in History.”

    • if he doesnt spend, this will work. he doesnt have to spent but he wants to fund all the laydigayers in the country. you are in LA, you should know what it means for the govt to waste money on everything there is to waste money on.

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