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Boehner, Obama try to avert 'fiscal cliff'
Source: Agencies |
November 30, 2012, Friday
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US President Barack Obama and Republican House Speaker John Boehner conferred briefly on how to avert the economy-rattling "fiscal cliff" before an end-of-year deadline, their first one-on-one discussion in five days.
Obama and Boehner's 15-minute phone call on Wednesday night came amid increasing anxiety the White House and top Republicans are wasting time needed to negotiate a way out of a series of tax increases and spending cuts due to begin in January. Both sides fear the looming changes could send the US economy back into recession.
Treasury Secretary Timothy Geithner and senior White House aide Rob Nabors were also to visit separately yesterday with the four leaders of the House and Senate.
There has been little evident progress in negotiations between the two sides. Republicans complain the White House is slow-walking the talks and has yet to provide specifics on how Obama would curb the rapid growth of benefit programs like Medicare and Medicaid.
"We have not seen any good-faith effort on the part of this administration to talk about the real problem that we're trying to fix," said House Majority Leader Eric Cantor.
Obama is mounting a public campaign to build support and leverage in the negotiations, appearing at the White House with middle-class taxpayers to bolster his position.
"Right now, as we speak, Congress can pass a law that would prevent a tax hike on the first US$250,000 of everybody's income," Obama said. "And that means that 98 percent of Americans and 97 percent of small businesses wouldn't see their income taxes go up by a single dime."
Obama is insisting tax rates go up on family income exceeding US$250,000; Boehner is adamant any new tax revenues come from overhauling the tax code, clearing out tax breaks and lowering rates for all.
Republicans are also demanding significant cuts to so-called entitlement programs like Medicare, which primarily benefits the elderly, such as an increase in the eligibility age for the program from 65 to perhaps 67.
"It's time for the president and Democrats to get serious about the spending problem that our country has," Boehner said on Wednesday.
Obama and Boehner's 15-minute phone call on Wednesday night came amid increasing anxiety the White House and top Republicans are wasting time needed to negotiate a way out of a series of tax increases and spending cuts due to begin in January. Both sides fear the looming changes could send the US economy back into recession.
Treasury Secretary Timothy Geithner and senior White House aide Rob Nabors were also to visit separately yesterday with the four leaders of the House and Senate.
There has been little evident progress in negotiations between the two sides. Republicans complain the White House is slow-walking the talks and has yet to provide specifics on how Obama would curb the rapid growth of benefit programs like Medicare and Medicaid.
"We have not seen any good-faith effort on the part of this administration to talk about the real problem that we're trying to fix," said House Majority Leader Eric Cantor.
Obama is mounting a public campaign to build support and leverage in the negotiations, appearing at the White House with middle-class taxpayers to bolster his position.
"Right now, as we speak, Congress can pass a law that would prevent a tax hike on the first US$250,000 of everybody's income," Obama said. "And that means that 98 percent of Americans and 97 percent of small businesses wouldn't see their income taxes go up by a single dime."
Obama is insisting tax rates go up on family income exceeding US$250,000; Boehner is adamant any new tax revenues come from overhauling the tax code, clearing out tax breaks and lowering rates for all.
Republicans are also demanding significant cuts to so-called entitlement programs like Medicare, which primarily benefits the elderly, such as an increase in the eligibility age for the program from 65 to perhaps 67.
"It's time for the president and Democrats to get serious about the spending problem that our country has," Boehner said on Wednesday.
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