Progress Seen In Last-Minute ‘Fiscal Cliff’ Talks

English: President Barack Obama addresses a jo...

English: President Barack Obama addresses a joint session of the United States Congress in the chamber of the House of Representatives at the United States Capitol on 24 February 2009. Español: Presidente Barack Obama dando un discurose por una sesión conjunta del Congreso de los Estados Unidos en la cámara de la Cámara de Representantes en el Capitolio de los Estados Unidos, 24 de febrero de 2009. (Photo credit: Wikipedia)

WASHINGTON — Working against a midnight deadline, negotiators for the White House and congressional Republicans in Congress narrowed their differences today on legislation to avert across-the-board tax increases.

Congressional officials familiar with talks between Vice President Joe Biden and Senate Republican leader Mitch McConnell said one major remaining sticking point was whether to postpone spending cuts that are scheduled to begin on Jan 1.

Republicans want to replace across-the-board reductions with targeted cuts elsewhere in the budget, and the White House and Democrats were resisting.

At the same time, Democrats said the two sides were closing in on an agreement over taxes.  They said the White House had proposed blocking an increase for most Americans, while letting rates rise for individuals with incomes of $400,000 a year and $450,000 for couples, a concession from President Barack Obama’s campaign call to set the levels at $200,000 and $250,000.

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