WASHINGTON -- The edge of the fiscal cliff is looming larger as the clock ticks toward the deadline on January 1. Negotiators on both sides are trying to hammer out a deal over tax hikes and spending cuts, searching for common ground.
Now, amid all the back and forth, there are signs of compromise.
With just over three weeks remaining until automatic tax hikes and spending cuts kick in unless a budget deal is reached in Washington, there are some encouraging signs that the two parties are trying to compromise.
President Obama met with House Speaker John Boehner on Sunday. The White House says, quote, lines of communication remain open.
Senators Tom Cole of Oklahoma and Bob Corker of Tennessee want members of their party to concede some points to Democrats if a larger compromise can be struck.
"A lot of people are putting forth a theory and I actually think it has merit where you go ahead and give the president the 2 percent increase that he is talking about, the rate increase on the top 2 percent. And all of a sudden, the shift goes back to entitlements," said Corker.
President Obama's core demand -- putting the top marginal income rates back to Clinton-era levels of 36 percent and 39.6 percent -- after December 31.
House Speaker Boehner delivered a proposal that offered up to $800 billion in new revenue from closing loopholes and capping deductions for wealthier Americans. Democrats insist the Speaker's plan doesn't cut it.
"If Speaker Boehner ends up where Senator Corker has just said he is, we will get a large agreement. And -- but, Speaker Boehner has not said that. And so, we Democrats realize that there have to be two sides to this bargain," said New York Senator Chuck Schumer.
Sunday's White House meeting marks the first time the Speaker has met privately with President Obama on his own, talking about the fiscal cliff, without any other Congressional leaders present.
Wednesday, June 19 2013 8:45 PM EDT2013-06-20 00:45:05 GMT
Invision/AP photo
The actor James Gandolfini, best known for his award-winning portrayal of New Jersey mobster Tony Soprano in the HBO series "The Sopranos," has died in Italy. He was 51.
The actor James Gandolfini, best known for his award-winning portrayal of New Jersey mobster Tony Soprano in the HBO series "The Sopranos," has died in Italy. He was 51.
Wednesday, June 19 2013 6:51 PM EDT2013-06-19 22:51:22 GMT
Franklin Reyes, 17, was in court Wednesday. He is charged with the death of 4-year-old Ariel Russo.
Franklin Reyes, 17, was in court Wednesday. He is charged with the death of 4-year-old Ariel Russo. He is accused of driving without a license, then fleeing police, jumping a curb, and hitting Ariel and her grandmother as they were walking to school.
Wednesday, June 19 2013 6:13 PM EDT2013-06-19 22:13:15 GMT
More than 70 percent of New Jersey residents have seen or heard the state's "Stronger than the Storm" advertising campaign, according to a new Rutgers-Eagleton poll.
More than 70 percent of New Jersey residents have seen or heard the state's "Stronger than the Storm" advertising campaign, according to a new Rutgers-Eagleton poll.
Wednesday, June 19 2013 4:30 PM EDT2013-06-19 20:30:42 GMT
The FBI has found possible human remains in a dig at the New York City house once occupied by a famous gangster. An FBI spokesman confirmed Wednesday that agents found material that they want to test as part of an investigation.
The FBI has found possible human remains in a dig at the New York City house once occupied by a famous gangster. An FBI spokesman confirmed Wednesday that agents found material that they want to test as part of an investigation.
Wednesday, June 19 2013 4:13 PM EDT2013-06-19 20:13:39 GMT
The driver of the vehicle that left several people injured and a trail of destruction in the area of 2nd Avenue and East 4th Street in the East Village has been arrested.
The driver of the vehicle that left several people injured and a trail of destruction in the area of 2nd Avenue and East 4th Street in the East Village has been arrested.
Wednesday, June 19 2013 3:38 PM EDT2013-06-19 19:38:42 GMT
By MATT ALVAREZ NEW JERSEY (MYFOXNY) -- Nearly eight months later after Superstorm Sandy, many Jersey Shore families are still displaced from their homes. The storm destroyed Pam Vasquez's family home
By MATT ALVAREZ NEW JERSEY (MYFOXNY) -- Nearly eight months later after Superstorm Sandy, many Jersey Shore families are still displaced from their homes. The storm destroyed Pam Vasquez's family home
Wednesday, June 19 2013 1:46 PM EDT2013-06-19 17:46:33 GMT
June 19 is National Dine Out Day. Restaurants and vendors across the country are contributing a percentage of their revenues for the day to the NJ Relief Fund to benefit Superstorm Sandy victims.
June 19 is National Dine Out Day. Restaurants and vendors across the country are contributing a percentage of their revenues for the day to the NJ Relief Fund to benefit Superstorm Sandy victims.
