Posted: Dec 19, 2012 11:32 AM
Updated: Dec 19, 2012 11:32 AM
Source: Associated Press
WASHINGTON- President Barack Obama says he is prepared to do "tough things" for a "fiscal cliff" deal and says there is no reason for the talks to fail.
The president said he remains optimistic that a deal can be done, even though talks have reached a standstill.
Negotiations between the White House and Boehner's office on a deal to raise revenue and cut spending have stalled since House Speaker John Boehner decided to seek a vote in the House on a narrow bill that would raise taxes on taxpayers earning more than $1 million.
Obama has proposed raising the top tax rate for those earning more than $400,000 along with savings and spending cuts of $1.2 trillion.