Obama backs off hard lines in search of compromise

By: Associated Press Email
By: Associated Press Email
Obama now wants to raise the top tax rate on those earning over $400,000 per year.

President Obama & House Republican Leader John A. Boehner gesture while Speaker of the House Nancy Pelosi & Senate Majority Leader Harry Reid look on in the Cabinet Room of the White House.

WASHINGTON (AP) -- President Barack Obama is narrowing a "fiscal cliff" negotiating gap with House Speaker John Boehner by backing off what had once been ironclad positions.

Obama now wants to raise the top tax rate on those earning over $400,000 per year, abandoning his insistence on increasing top rates on individuals earning more than $200,000 and families making more than $250,000. After seeking permanent borrowing authority, he is now seeking a debt ceiling that can hold for two years.

And while protecting the middle class from higher tax rates, other aspects of his proposal would require middle-income taxpayers to pay more.

The concessions signal a new stage in the negotiations, where both sides seem willing to lock in on a substantial agreement rather than just putting off a fiscal day of reckoning.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:
KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 183938521 - nbc11news.com/a?a=183938521
Gray Television, Inc.