Is Obama’s ‘Fiscal Cliff’ Proposal a Deal-Breaker?
After the election President Barack Obama met with congressional leaders to discuss the “fiscal cliff.” Among the things campaigned for were tax hikes for the wealth to raise top income-tax rates but also to extend the Bush tax cuts for income levels below $200,000.
The president spoke about new ideas with his union and liberal-interest-group supporters, all of whom want to raise the top rates. Barack Obama spoke about providing a balance of spending cuts and tax increases only on the most wealthy earners.
However at this point a stalemate may be the most likely solution. Why?