Friday, November 16, 2012

First Meeting On Budget Issues Ends On Positive Note

The president's first meeting with congressional leaders did not produce any results, but each of the parties agreed that some solution to the impasse will be found prior to the looming fiscal cliff at the end of December.  They all agree that some comprises will be necessary, and the republicans said that some form of revenue increases will be necessary.  They tend to favor spending cuts over tax increases but the administration has taken a firm position against extending the Bush tax cuts for those earning above $250,000.  The president's position is much stronger after the recent elections than it was after the poor showing in the 2010 elections.  He will be more aggressive in these negotiations, but it is not clear that the House majority leader will be able to deal with the tea party representatives in his own party.  Many have taken pledges against any increases in taxes.

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