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December 31, 2012


Cliff Compromise Takes Shape

The White House and Senate Republicans "are closing in on a budget compromise that would raise tax rates on couples making more than $450,000 a year, increase taxes on large inheritances and extend unemployment benefits for a year," the Wall Street Journal reports.

"However, with the New Year's deadline approaching, negotiators were hung up on how, if at all, to postpone the $110 billion in spending cuts due to take effect Jan. 2."

The biggest wildcard, of course, remains whether House Speaker John Boehner (R-OH) could get such a compromise through the House of Representatives.

Andrew Sullivan: "This is the middle of a titanic struggle, not the end."












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