Details of new fiscal cliff deal emerging; Obama offers $400,000 ceiling on tax cut extension

President Obama and House Speaker John Boehner met at the White House this morning for another round of negotiations to avoid the fiscal cliff, and details of a proposed deal are emerging tonight. Among the White House’s concessions is a new threshold on the extension of the Bush tax cuts, from $250,000 to $400,000.

Here’s an interesting theory; is $250,000 the threshold for “small business,” while $400,000 is just plain rich?

Boehner showed signs of caving late Saturday night, suggesting a tax hike on those earning more than $1 million, but today’s numbers seem to show the president giving some ground. The Washington Post is reporting that the newest proposed deal would include smaller cost-of-living increases for Social Security beneficiaries, saving some $200 billion over 10 years. Obama is still asking for $1.2 trillion in new taxes, $200 billion more than Boehner’s current offer. The deal reportedly would push back the debt ceiling limit another year as well.

Boehner is expected to brief House Republicans tomorrow morning in an attempt to sell the deal.

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