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Progress to Report in Fiscal Cliff Negotiations

By on December 17, 2012

(AP)  TWO WEEKS BEFORE THE END OF THE YEAR, THERE ARE SIGNS OF PROGRESS IN THE TALKS IN WASHINGTON AIMED AT AVOIDING THE AUTOMATIC SPENDING CUTS AND TAX HIKES THAT WOULD TAKE EFFECT IN JANUARY.

BUT DESPITE AN OFFER BY HOUSE SPEAKER JOHN BOEHNER ON FRIDAY — REPORTEDLY OFFERING $1 TRILLION IN HIGHER TAX REVENUE OVER TEN YEARS — THERE ARE STILL TOUGH ISSUES REMAINING, INCLUDING HOW MUCH TO CUT MEDICARE AND WHETHER TO IMPOSE A LESS-GENEROUS INFLATION ADJUSTMENT TO SOCIAL SECURITY.

WHITE HOUSE AND CONGRESSIONAL AIDES WORKED THROUGH THE WEEKEND ON WAYS TO AVOID THE “FISCAL CLIFF,” AMID SIGNS OF MOVEMENT.  BOEHNER IS LOOKING FOR $1 TRILLION IN SPENDING CUTS FROM GOVERNMENT BENEFIT PROGRAMS LIKE MEDICARE.  HE’S ALSO PRESSING FOR A LESS GENEROUS INFLATION ADJUSTMENT FOR SOCIAL SECURITY BENEFITS.  THE DETAILS COME FROM OFFICIALS FAMILIAR WITH THE OFFER.