With Christmas one week from today, President Barack Obama and House Speaker John Boehner appear to be nearing a fiscal cliff deal. Some details from the Associated Press:
[Obama offered] to drop his long-held insistence that taxes rise on individuals earning more than $200,000 and families making more than $250,000. He is now offering a new threshold of $400,000 and lowering his 10-year tax revenue goals from the $1.6 trillion he had argued for a few weeks ago.Obama’s move follows concessions by Boehner on higher tax rates for the wealthy.
In the new proposal, Obama abandoned his demand for permanent borrowing authority. Instead, he is now asking for a new debt limit that would last two years, putting its renewal beyond the politics of a 2014 midterm election.
And in a move sure to create heartburn among some congressional Democrats, Obama is proposing lower cost-of-living increases for Social Security beneficiaries, employing an inflation index that would have