Your move, Mr. President. House Speaker John Boehner insisted on Thursday that the White House has not offered any serious spending cuts, causing the current stalemate. Boehner said President Obama wants more in tax increases than spending reductions—although Boehner has yet to offer his own plan to avoid the so-called fiscal cliff. If a compromise is not reached by Jan. 1, draconian spending cuts will automatically go into place while the Bush tax cuts will expire, which many have speculated will cause the economy to nosedive—a series of events known as the fiscal cliff.
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