President Barack Obama has scaled back his ambitions for a sweeping budget bargain with Republicans. Instead, he's calling for a limited measure sufficient to prevent the government from careening off the "fiscal cliff" in January by extending tax cuts for most taxpayers and forestalling a painful set of agency budget cuts.
In a White House appearance Friday, Obama also called on Congress to extend jobless benefits for the long-term unemployed that would otherwise be cut off for 2 million people at the end of the year.
Obama's announcement was a recognition that chances for a larger agreement before year's end have probably collapsed. It also suggested that any chance for a smaller deal may rest in the Senate, particularly after the collapse of a plan by House Speaker John Boehner, R-Ohio, to permit tax rates to rise on million-dollar-plus incomes.
"In the next few days, I've asked leaders of Congress to work toward a package that prevents a tax hike on middle-class Americans, protects unemployment insurance for 2 million Americans, and lays the groundwork for further work on both growth and deficit reduction," Obama said. "That's an achievable goal. That can get done in 10 days."
Saturday, December 22, 2012
eh? AP - Obama seeks scaled-down 'fiscal cliff' agreement
Killer instinct would be to go full hog but this is interesting.