Budget: Fiscal Cliff Recap
Janet Hook and Carol E. Lee reported in Saturday’s Wall Street Journal that, “President Barack Obama on Friday tried to break the capital’s partisan budget impasse by urging congressional leaders to pass a stripped-down budget plan and put off until next year broader efforts to enact long-term deficit reduction [full remarks here].
“He spoke as lawmakers and the White House tried to find a new way forward in stalled negotiations designed to avoid the ‘fiscal cliff,’ the mix of year-end tax increases and spending cuts scheduled to take place in less than two weeks.
“Mr. Obama told reporters he was seeking quick action on a compromise bill that would extend current tax rates for middle income taxpayers and extend an expiring program of unemployment benefits.”