Instead of clearing the path, their effort collapsed and served to increase resistance among members of both parties in Congress.
Obama and Boehner tried to forge a compromise in private talks. Obama’s strategy is borne, in part, out of lessons Obama and his advisors take from the failed 2011 attempt to reach a grand bargain on long-term debt reduction. The euro strengthened 0.5% to US$1.3056 and climbed as high as US$1.3075. The dollar fell to a six-week low versus the euro on concerns that agreement won’t be reached. This advertisement has not loaded yet, but your article continues below. “They must have forgotten that Republicans continue to hold a majority in the House,” Boehner, an Ohio Republican, said on “Fox News Sunday.” “The president’s idea of a negotiation is ‘roll over and do what I ask.’ We need to find common ground, and we need to find it quickly.” The top rate then was 39.6%, compared with 35% today.īoehner said Republicans aren’t ready to give in, and the president should take the lead by offering concessions. Obama wants to boost top income-tax rates back to the levels they were when President Bill Clinton left office. Republicans will “own the responsibility for the damage” if they “force higher rates on virtually all Americans because they’re unwilling to let tax rates go up on 2% of Americans.” “There’s not going to be an agreement without rates going up,” Geithner said in a taped interview that aired Sunday on CNN’s “State of the Union” program. Article content There’s not going to be an agreement without rates going up
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