FROM A SOURCE ON THE GOP SIDE, PER FOX BUSINESS RICH EDSON:
Speaker Boehner and President Obama are getting close, but significant issues remain. The two sides are now working on some of the finer details.
The sides are roughly agreeing to:
- $1t in spending cuts – the tax increases would involve higher rates (the income level is still outstanding) and a tax reform process next year that would eliminate or curb deductions/preferences.
- $1t in revenue – Congress would also assemble many of the specific spending cuts next year.
- Potential debt ceiling increase that would allow the federal government to borrow for about one more year.
- Chained CPI to slow the growth of Social Security payments.
- Tax extenders/unemployment insurance