According to WaPo’s Lori Montgomery and Paul Kane Vice
President Biden and Senate Minority Leader Mitch McConnell were close to a deal
Monday to cancel historic tax hikes for most Americans. But they were still
hung up on spending, with Democrats resisting a Republican proposal to delay
automatic spending cuts for just three months.
As President Obama prepared to deliver remarks about the
“fiscal cliff” at 1:30 p.m. at the White House, negotiators for the
administration and McConnell (R-Ky.) appeared to have nailed down many of the
most critical tax issues, including a plan to let taxes rise on income over
$450,000 a year for couples and $400,000 a year for individuals, according to
people in both parties familiar with the talks...
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