Senate Leaders Seek Fiscal Deal
Also likely to be included in the negotiations are taxes on dividends and capital gains, both of which are scheduled to rise with the new year. Also the alternative minimum tax, which, if left unchanged, could hit an estimated 28 million households for the first time and mean an average increase of more than $3,000.
The White House has shown increased concern about a possible doubling of milk prices if a farm bill is not passed in the next few days, although it is not clear whether that issue too might be included in the talks.
One Republican who was briefed on the White House meeting said Boehner made it clear he would leave in place spending cuts scheduled to take effect unless alternative savings were included in any compromise to offset them. In previous White House proposals, Obama has suggested finding enough cuts in government spending to put off the steeper cuts for up to six months.
Obama, speaking to reporters following his meeting with the congressional leaders, faulted a system that left crucial decisions to the last minute, a way of governing that he said the public finds "mindboggling.""Outside of Washington nobody understands how it is that this seems to be a repeat pattern, over and over again," he said. Still, Obama himself is part of the negotiating process, and his meeting with all four top leaders Friday was the first since Nov. 16. A phone call he placed Wednesday night to McConnell was the first the Republican leader had received from a Democrat on the fiscal talks since Thanksgiving. Looking to add pressure on negotiators, Obama said he expects Reid to put legislation on the floor to prevent tax increases on the middle class and extend unemployment benefits -- an implicit challenge to Republicans to dare to vote against what polls show is popular.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV