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House Speaker Proposes ‘Fiscal Cliff’ Negotiation with President Obama

Last week House Speaker John Boehner proposed an increase on income tax for American’s making more than $1 million per year. Boehner said he would agree only if President Obama would agree to federal spending cuts. With a little more than two weeks until the fiscal cliff, Republicans are showing signs of flexibility on income tax rate increases for the upper class that they initially dismissed. Before Friday, Boehner publicly insisted that new revenue should come through closing loopholes and limiting deductions.
Experts say this is a good sign that the White House and the House of Representatives are serious about negotiations to avoid going over the fiscal cliff. If a deal is not met by December 31, 2012 spending cuts and tax increases will automatically go into effect. As a result, the U.S. will hit its debt ceiling by mid-February.
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