Posted: Dec 5, 2012 4:37 PM
Source: Associated Press
WASHINGTON - President Barack Obama and House Speaker John Boehner discussed the fiscal cliff Wednesday in a telephone call. It followed several days of political sparring over steps to prevent a year-end series of tax increases and spending cuts.
The call raises the possibility that negotiations will soon resume between the White House and congressional leaders.
Obama is demanding that Republicans agree to raise tax rates at upper incomes as part of a deal to rein in future deficits. GOP leaders say they will agree to higher revenue, but they want to close loopholes or reduce tax breaks rather than raise rates.
A spokesman for Boehner disclosed the call.