Some Dems: drive over 'fiscal cliff,' then bargain Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 3:18 p.m., Tuesday, November 13, 2012 [...] it illustrates the wide range of early negotiating positions being staked out by Republicans and Democrats as lawmakers gathered Tuesday for their first postelection talks on how to avoid the looming package of steep tax hikes and program cuts. Just as brazen, in the eyes of many Democrats, is the GOP leaders' continued insistence on protecting tax cuts for the rich. In late 2010, after big GOP midterm election wins, Obama backed off his pledge to raise taxes on the rich. In the summer of 2011, House Republicans pushed Congress within a hair of refusing to raise the debt ceiling, leading to the first-ever downgrade of the government's credit rating. [...] last December, it was the Republicans' turn to blink, yielding to Obama's demand to extend a payroll tax break. If the "fiscal cliff" takes effect, congressional Republicans would feel pressure to give ground in several areas to achieve their top goal: restoring tax cuts for as many people as possible. [...] there's a school of thought that the cliff is actually a slope, and the economy could withstand the effects of the automatic spending cuts and the renewal of Clinton-era tax rates for at least a few weeks to give time for negotiations to continue. [...] Way is floating a possible compromise, designed to raise $1.3 trillion in new revenue over 10 years without changing the Bush-era income tax rates. If Congress fails to act by Dec.
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Tue, 11/13/2012 - 4:46pm
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