Obama and GOP inch towards a deal

House Speaker John A. Boehner said Tuesday that he will introduce legislation — opposed by Democrats— to raise taxes only on households earning $1 million or more, as a backup plan for avoiding the “fiscal cliff” if his attempts to forge a broader spending agreement with the White House fail.

Negotiations between Boehner and President Obama have made significant progress in recent days, with Boehner agreeing to the idea of raising tax rates on the wealthiest Americans, and Obama saying he could accept tax increases for households earning $400,000 or more per year. That threshold is a concession from the president’s campaign pledge to raise rates on those earning at least $250,000, but it remains unacceptable to many Republicans.

Read the rest here.

Let's all play another round of kick the can!