Senate leaders near deal on avoiding fiscal cliff

Oh really? Read between the lines here and tell me that this isn't just more can kicking and procrastination. New York Times: Senate Democrats and Republicans remain far apart on the details, and House Republicans continue to resist any discussion of tax increases. But lawmakers and aides say that a bipartisan group of senators is coalescing around an ambitious three-step process to avert a series of automatic tax increases and deep spending cuts. First, senators would come to an agreement on a deficit reduction target - likely to be around $4 trillion over 10 years - to be reached through revenue raised by an overhaul of the tax code, savings from changes to social programs like Medicare and Social Security, and cuts to federal programs. Once the framework is approved, lawmakers would vote on expedited instructions to relevant Congressional committees to draft the details over six months to a year. If those efforts failed, another plan would take effect, probably a close...(Read Full Post)

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