Vice President Biden and Senate Minority Leader Mitch McConnell were close to a deal Monday to cancel historic tax hikes for most Americans. But they were still hung up on spending, with Democrats resisting a GOP proposal to delay automatic spending cuts for just three months.
As President Obama prepared to deliver remarks about the “fiscal cliff” at 1:30 p.m. at the White House, negotiators for the administration and McConnell (R-Ky.) appeared to have nailed down many of the most critical tax issues, including a plan to let taxes rise on income over $450,000 a year for couples and $400,000 a year for individuals, according to people in both parties familiar with the talks. |