16 December, 2012

CNN Breaking News

House Speaker John Boehner has offered to allow income tax rates to increase for wealthy Americans in exchange for spending cuts, tax reform and entitlement reform in fiscal cliff negotiations with the White House, according to a source familiar with the discussions.

Boehner offered to allow tax rates to go up on American families earning $1 million or more. The president has long demanded that rates increase for households earning more than $250,000.

Obama and Boehner are in negotiations to head off a January 1 "fiscal cliff," in which a $7 trillion combination of automatic tax increases and spending cuts would start to take effect.

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