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Some progress reported in ‘fiscal cliff’ talks

By ALAN FRAM and JULIE PACE | Associated Press
December 31, 2012

Senate Minority Leader Mitch McConnell and Sen. Pat Robers (AP Photo/J. Scott Applewhite)

Senate Minority Leader Mitch McConnell and Sen. Pat Robers
(AP Photo/J. Scott Applewhite)

Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming ‘fiscal cliff’ ahead of a midnight deadline.

A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals making up to $400,000. President Barack Obama originally wanted the tax cuts to be extended only for families making up to $250,000 a year.

Unless an agreement is reached and approved by Congress by the start of New Year’s Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs

The person familiar with the talks requested anonymity in order to discuss the internal negotiations.

Copyright 2012 The Associated Press

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One Response to Some progress reported in ‘fiscal cliff’ talks

  1. Willie Buck Merle

    December 31, 2012 at 2:34 pm

    “Some progress reported in ‘fiscal cliff’ talks”

    sayeth the Bush Tax cuts fairy.