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Friday, November 23, 2012

With 'fiscal cliff' looming, Congress facing compromise or confrontation - CNN.com

With 'fiscal cliff' looming, Congress facing compromise or confrontation - CNN.com
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  1. RAYLOKENovember 23, 2012 at 4:31 PM

    Washington (CNN) -- A day after an election that both parties agreed was a mandate to find compromise and avoid the so-called fiscal cliff, Democratic and Republican congressional leaders also continued to sharply disagree over the key issue of whether top tax rates should be raised to help resolve the looming crisis.

    Republicans said higher rates would damage the economy, while Democrats said it was the only equitable way to tackle the debt.

    Congress faces an end-of-the-year deadline before massive spending cuts kick in and tax breaks begin to expire, including the Bush-era tax cuts at the end of December. The fiscal cliff also includes so-called sequestration -- automatic across-the-board spending cuts set to trigger at the beginning of 2013 if Capitol Hill fails to create a deficit-reduction plan.

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    Dems, GOP talk 'fiscal cliff' future In a formal speech on Capitol Hill Wednesday, House Speaker John Boehner sounded conciliatory even as he made it clear higher tax rates would be unacceptable to Republicans who control the House.

    "For the purposes of forging a bipartisan agreement that begins to solve the problem, we're willing to accept new revenue, under the right conditions," Boehner said.

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