Pres. Obama Puts Enticing ‘Fiscal Cliff’ Counter Offer On Table

Final deal could be near, as top Republican leader caves on raising taxes

President Barack Obama on Monday countered Speaker John Boehner’s latest “fiscal cliff” deal with a new request to raise revenues by $200 billion more than Boehner’s $1 trillion, but keep in place the Bush-era tax rates for households that earn less than $400,000. Previously, Obama had asked for rates to go up on households making more than $250,000. It’s close enough to the deal Boehner offered that a final deal might not be far off for Democrats and Republicans to avoid going over the fiscal cliff. Economists have warned could send the U.S. back into recession and would be especially bad for the poor and for women. Boehner was to meet with his fellow House Republicans on Tuesday morning to discuss the latest deal, but they say obstacles for getting backing for the deal still remained. (The New York Times)

[SUBSCRIBE TO LOOP 21 RSS FEED]