Legislators Hit Impasse in talks

Washington legislators are in a standoff over Fiscal Cliff negotiations. Both parties are haggling over tax cut policies slated to end in January, which if left untended pundits say could set the U.S. economy into a tailspin and recession. Contention among Republicans and Democrats is dispelling initial post-election optimism over a compromise, pitting U.S. Secretary of the Treasury Timothy Geithner head-to-head with Republican House Speaker John Boehner

According to Bloomberg, the Obama plan proposes higher taxes on the top 2 percent of earners, along with government spending cuts. A trade of $600 billion in cuts for $1.6 trillion in tax increases would primarily target families with more than $250,000 in annual income. The plan also includes $800 billion in assumed savings from the winding down of the wars in Iraq and Afghanistan...

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