Dancing at cliff’s edge
Many conservative Republicans are appalled. House Speaker John Boehner conceded this week that any plan to avoid the so-called fiscal cliff and win bipartisan approval must include higher tax rates for the nation’s wealthiest residents.
But the most left-leaning Democrats are also angry. To try to reach agreement with Boehner, President Barack Obama has said he would accept raising the income threshhold for boosting taxes from $250,000 per couple to $400,000. And he is willing to accept more spending cuts, as well as changes to entitlements such as Medicare.
After weeks of heated rhetoric and little action, it appears Obama and Boehner are getting serious about trying to resolve their difference related to the fiscal cliff. Their Monday meeting produced the closest thing to a true compromise yet on how to avoid the fiscal cliff.
Of course, that doesn’t mean an agreement is certain. By Tuesday, both teams were denouncing the latest fiscal cliff proposals from the opposing side and playing to their bases.
But both also said talks will continue and efforts to forge a compromise are ongoing.
The cliff is rapidly approaching. Get a deal done, already.