Daily Tax Update - December 17, 2012: Obama, Boehner Meet Again on Fiscal Cliff

OBAMA, BOEHNER MEET AGAIN ON FISCAL CLIFF:  Today, President Obama met again with House Speaker John Boehner at the White House. Treasury Secretary Tim Geithner was also present.  Boehner spokesman Michael Steel said, "The president and the speaker are meeting at the White House to continue their discussions about the fiscal cliff and balanced deficit reduction."  Steel added, "The lines of communication remain open, but there is no agreement, nor is one imminent." 

  • A White House statement said Obama and Boehner met "to continue their discussions about the fiscal cliff and balanced deficit reduction."  White House Press Secretary Jay Carney said, "Without getting into the details of conversations, I think it's fair to say we have continued to engage in communications."  Carney characterized their conversations as "frank, direct, deliberate - I think we've used those words, and that remains the case."  Carney added that he was "not going to get into specific policy proposals," but he acknowledged that an eventual deal "will require tough choices by all sides." 
  • Some reports indicate that Boehner's latest proposal dropped Republican opposition to two key demands by the President  -- higher tax rates on the wealthiest Americans and an automatic extension of the federal debt limit.
  • Today, Senate Majority Leader Harry Reid warned, "It appears at this stage, we'll see if anything changes, but it appears that we're going to be coming back the day after Christmas to complete work on the fiscal cliff and a few other leftover items."

REP. SCOTT’S APPOINTMENT TO SENATE LEAVES VACANCY ON WAYS & MEANS:  House Ways and Means Committee member Tim Scott (R-SC), who had just been named to the Committee, was chosen to replace Sen. Jim DeMint (R-SC).  Another Republican will be named to fill Scott’s seat.

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