Offers fly, but still no ‘fiscal cliff’ agreement
Last-minute deal elusive despite GOP concessions
With hours to go, President Obama and Congress barreled toward the New Year’s Day “fiscal cliff,” trading last-minute offers and narrowing the range of options Sunday, but reaching no deal.
“There’s still significant distance between the two sides,” Senate Majority Leader Harry Reid, Nevada Democrat, announced Sunday evening, though he said there was still time to reach agreement by Monday’s midnight deadline. “We intend to continue negotiations.”
Talks were so broken at one point Sunday that the top Republican negotiator, Sen. Mitch McConnell of Kentucky, bypassed Mr. Reid to speak directly with Vice President Joseph R. Biden.
The blockade seemed to lift somewhat when Republicans dropped their demand to change Social Security’s cost-of-living adjustment formula, and both sides traded offers on the income level at which taxpayers will see an income-tax rate increase and debated what other incentives would be included.
“You can’t win an argument that has Social Security for seniors versus taxes for the rich. So we need to take it off the table,” Sen. John McCain, Arizona Republican, said in explaining why the party decided to forgo demands for entitlement reform.
A deal would have to clear not only the Senate, but also the House, where conservative Republicans hold sway.
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