Latest on the fiscal cliff – close????? what do you think about this?

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

 

 

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