Fiscal Cliff: Biden, McConnell Continue Talks As Deadline Nears
Tick, tick, tick…
Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) continued urgent talks Monday over a deal to avoid the “fiscal cliff” after Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year.
With a New Year’s Eve deadline hours away, Democrats abandoned their earlier demand to raise tax rates on household income over $250,000 a year. President Obama had vowed repeatedly during his reelection campaign to allow tax cuts to expire for incomes over that level.Click here for reuse options!
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