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Fiscal Cliff: Progress seen in last-minute meetings

8:34 AM, Dec 31, 2012   |    comments
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ALAN FRAM, Associated Press

WASHINGTON (AP) - Democrats and Republicans say signs of progress are emerging in urgent negotiations to avert the looming 'fiscal cliff' ahead of a midnight deadline.

A person familiar with the negotiations says Democrats have offered to extend tax cuts for families making up to $450,000 a year and individuals making up to $400,000. President Barack Obama originally wanted the tax cuts to be extended only for families making up to $250,000 a year.

Unless an agreement is reached and approved by Congress by the start of New Year's Day, more than $500 billion in 2013 tax increases will begin to take effect and $109 billion will be carved from defense and domestic programs.

The person familiar with the talks requested anonymity in order to discuss the internal negotiations.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Associated Press

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