WASHINGTON —
Working with Congress against a midnight deadline, President Barack Obama said Monday that a deal to avert the “fiscal cliff” was in sight but not yet finalized. The emerging deal would raise tax rates on family income over $450,000 a year, increase the estate tax rate and extend unemployment benefits for one year.
“There are still issues left to resolve but we’re hopeful Congress can get it done,” Obama said at a campaign-style event at the White House. “But it’s not done.”
The parties were at an impasse over whether to put off the automatic, across-the-board spending cuts set to take effect at the beginning of the year and if so, how to pay for that.
One official said talks were focused on a two-month delay in the across-the-board cuts but negotiators had yet to agree on about $24 billion in savings from elsewhere in the budget.
Officials emphasized that negotiations were continuing and the emerging deal was not yet final. And a confident Obama, flanked by cheering middle class Americans in a White House auditorium, jabbed Congress, saying lawmakers would use every last second to delay a deal. He said his hopes for a larger, more sweeping deal have been dashed and said that such an accommodation was not possible “with this Congress at this time.”
National and World
December 31, 2012
AP Sources: ’Fiscal cliff’ deal emerging
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Photos: Aftermath of massive tornado in Moore
Storm victims were pulled from the rubble and residents began surveying the damage late Monday and early Tuesday in the Oklahoma City suburb of Moore, where a powerful tornado destroyed entire neighborhoods and left dozens dead.
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Okla. front pages capture tornado aftermath
View how several Oklahoma newspapers covered Monday's massive tornado in Moore. Please note that officials revised the death toll downward early Tuesday morning after some papers were printed, but it is expected to climb again as recovery efforts continue.
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Harrowing scene inside elementary school destroyed by tornado
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VIDEO: Tornado survivor's missing dog found during TV interview
Barbara Garcia was being interviewed by CBS News about how she survived the destruction of her home to Monday's massive tornado in Moore, when the dog she feared dead was suddenly discovered alive in the rubble of her home.
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VIDEO: Pres. Obama's remarks on the Okla. tornado
President Obama speaks on Monday's deadly Okla. tornado.
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