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Fiscal cliff talks hit a wall
 
Senate Majority Leader Harry Reid (D-Nev.) and House Speaker John Boehner (R-Ohio) speak to reporters outside the White House after a Nov. 16 meeting with President Obama to discuss the fiscal cliff.
Senate Majority Leader Harry Reid (D-Nev.) and House Speaker John Boehner (R-Ohio) speak to reporters outside the White House after a Nov. 16 meeting with President Obama to discuss the fiscal cliff.
AP Photo/Jacquelyn Martin

At the start of the final month before the nation reaches the fiscal cliff, Republicans and Democrats remain deadlocked over the question of whether to raise taxes on the rich. Both sides were confrontational on Sunday political talk shows. House Speaker John Boehner said Republicans had offered a way to reach a compromise to reduce the deficit and avoid damaging automatic tax hikes and spending cuts at year's end — raising revenue by eliminating deductions that overwhelmingly benefit the wealthy. Treasury Secretary Timothy Geithner rejected that idea, saying that the GOP has to accept a deal that makes the wealthy pay higher tax rates. "There's no path to an agreement that does not involve Republicans acknowledging that rates have to go up on the wealthiest Americans," Geithner said on NBC's Meet the Press.

 

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