Fiscal cliff negotiations stall again

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Monday, November 26, 2012

Washington Post: Taxes on wealthy Americans once again mired the talks regarding the looming fiscal cliff.

The talks between President Obama and congressional Republicans to avoid looming tax hikes and steep spending cuts regressed Monday to the same old sticking point — raising taxes on wealthier Americans.

Although both sides had expressed optimism before Thanksgiving that they would reach a deal to prevent a serious blow to the economy in January, the post-holiday pronouncements from the White House showed a re-emphasis on the president’s position that tax rates must rise for families earning more than $250,000 per year. And some top Republican lawmakers again insisted they won’t raise tax rates on anyone, arguing that enough revenue could be raised for deficit reduction by closing tax loopholes and limiting deductions.

With six weeks to go before the government reaches the so-called “fiscal cliff,” Mr. Obama had no meetings with lawmakers Monday and none were planned for the rest of the week. Instead, White House officials suggested Mr. Obama would continue to appeal to the public to pressure Congress to agree with his preferred approach.

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