Biden, McConnell Make Significant Progress
Posted at 8:57 a.m. on Dec. 31, 2012
Politico reports that Vice President Joe Biden and Senate Minority Leader Mitch McConnell (R-KY) are close to a deal on the “fiscal cliff” after overnight talks in which both sides made significant concessions.
“McConnell and Biden…would hike tax rates for families who earn more than $450,000, and individuals who make more than $400,000, according to sources familiar with talks… but cautioned that obstacles remain, including how Speaker John Boehner and House Republican leaders react to any tentative agreement.”
Matthew Yglesias explains why Democrats have moved away from their previous insistance on a tax rate increase for those making over $250,000.