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FISCAL SCRAMBLE ‘Major Progress’ in Cliff Talks J. Scott Applewhite

‘Major Progress’ in Cliff Talks

Deal or no deal? While the rest of Congress went to bed last night, Senate Minority Leader Mitch McConnell and Vice President Joe Biden were reportedly negotiating the impending fiscal cliff into the wee hours of the morning—and allegedly made significant progress. The deal in question would involve Senate Republicans agreeing to extend tax cuts for families who earn more than $450,000 and individuals who make more than $400,000—a significant concession for a party that has staunchly opposed hiking taxes at all. If they don’t pull through on this one, every income group will be hit with a tax hike starting Tuesday. 

December 31, 2012 12:49 PM