Movement seen in 'fiscal cliff' talks
WASHINGTON — The White House and congressional Republicans are a long way from agreeing on a plan to deal with the "fiscal cliff." But it seems like some progress is being made.
House Speaker John Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year. He's also offering a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited — conditioned on President Barack Obama agreeing to the $1 trillion in cuts.
The offer, made Friday after a long impasse between Boehner, R-Ohio, and Obama, calls for about $450 billion in revenue from increasing the top rate on million-dollar-plus income from 35 percent to the Clinton-era rate of 39.6 percent.
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