As the year approaches an
end, both democrats and republicans of the House of Representatives are rushing
to pass a new federal budget for the nation before the year ends. News has spread that House Speaker (R) John Boehner
is trying to compromise with democrats by offering a deal of increased tax
rates for those exceeding an annual income of one million dollars. He also
offered to extend the debt limit for
a year to avoid hitting a fiscal cliff.
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| House Speaker John Boehner speaking at News Conference on Thursday. (Photo Courtesy of AP) |
All news of the deal is up to speculation and
comes from an unspecified source close to Boehner and the current
administration. A spokesman for Boehner
said that communication of the situation is open, but an agreement has yet to
be reached. Both Boehner and Obama have discussed the issue at hand over the
phone and face to face multiple times over the past week. While Boehner deal
comes at a somewhat loss to Republicans over tax increases, the speaker’s deal
come with requests for spending cuts to and major reform of entitlement programs.
However, President Obama is not budging on the
deal at the moment. According to CNN’s unspecified source close to the Whitehouse
administration, Boehner’s
"offer was insufficient on revenue and rates and had a bunch of stuff we
wouldn't do.
The
President remains strong on his wants for the new federal budget, while trying
to avoid hitting a fiscal cliff. Earlier in talks, Speaker Boehner stated that
his side was willing to increase tax revenue by eliminating unspecified
deductions and loopholes and drew the line at raising current taxes rates for
higher incomes. Yet as Boehner budges on this, reaching a compromise over the
new budget does seem reachable. While Republicans are not thrilled at the deal,
avoiding hitting a fiscal cliff remains the party’s top priority.
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