Closer to a Fiscal Cliff Deal

President Obama delivered to House Speaker John Boehner a new offer on to resolve the pending fiscal crisis, “a deal that would raise revenues by $1.2 trillion over the next decade but keep in place the Bush-era tax rates for any household with earnings below $400,000,” the New York Times reports.

“The offer is close to a plan proposed by the speaker on Friday, and both sides expressed confidence that they were closing in on a major deficit-reduction plan that could be passed well before January… The two sides are now dickering over price, not philosophical differences, and the numbers are very close.”

Wall Street Journal: “After weeks of public sniping, negotiations have intensified in recent days, with both sides making significant concessions. Obstacles still remain, especially the reaction of lawmakers on both extremes, but the movement suggests negotiators could reach a compromise and pass by the end of the year a deal to avert a series of spending cuts and tax increases set to take effect in January.”

Politico: “The president’s proposal is not a final offer, but the White House views it as something that should get the two sides close to a deal because they have met Republicans more than halfway on spending and halfway on revenues.”