President Obama: Deal to avoid fiscal cliff "in sight," but not complete
NEWTOWN, CT - DECEMBER 16: U.S. President Barack Obama speaks at an interfaith vigil for the shooting victims from Sandy Hook Elementary School on December 16, 2012 at Newtown High School in Newtown, Connecticut. Twenty-six people were …
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 12/31/2012
WASHINGTON -
President Barack Obama says it appears that an agreement to avoid the fiscal cliff is "in sight," but says it's not yet complete and work continues.
Obama says this has been a "pressing issue on people's minds," and tells an audience of middle-class taxpayers the deal would, among other things, extend unemployment benefits for Americans "who are still out there looking for a job."
He voiced regret that the work of the administration and lawmakers on Capitol Hill won't produce a "grand bargain" on tax-and-spend issues, but said that "with this Congress, it couldn't happen at that time."
Officials familiar with the negotiations say an agreement would raise tax rates on family income over $450,000 a year and increase the estate tax rate.
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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