After meeting President Obama at the White House, Senate leaders said Friday they will work through the weekend and bring senators back into session on Sunday, in hopes of approving an agreement to protect taxpayers, the unemployed and the nation’s economy from the worst effects of the “fiscal cliff.”
“I’m hopeful and optimistic,” said Senate Minority Leader Mitch McConnell (R-Ky.)
In a televised statement after the meeting, Obama said he had a “good and constructive” meeting with the four congressional leaders. “The hour for immediate action is here. It is now,”’ Obama said. He added, “I’m modestly optimistic that an agreement can be achieved.”
At the White House, Senate Majority Leader Harry Reid (D-Nev.) and McConnell agreed to try to move forward with a stripped down package.
According to people briefed on the meeting, the developing package would protect millions of taxpayers from the bite of the costly alternative minimum tax and keep unemployment benefits flowing to 2 million people who would otherwise be cut off in Januaary. It is also likely to protect doctors from a steep cut in Medicare reimbursements set to hit in January.
The two sides were still haggling over where to set the threshold for income tax hikes and how to handle the tax on inherited estates. On income taxes, Obama has proposed letting tax rates rise on income over $250,000 a year, but Republicans have in recent days expressed interest in a compromise that would lift the threshold, allowing taxes to rise only for households earning more than $400,000 a year -- Obama’s most recent proposal in fiscal cliff negotiations with Boehner.
On the estate tax, Republicans want to maintain the current structure, which exempts estates worth up to $5 million and taxes those at only 35 percent. Obama has proposed a $3.5 million exemption, and a tax rate above that amount of 45 percent.
The Senate leaders’ comments came after Obama called on Republican leaders to support his plan to let taxes rise on income over $250,000 a year or to offer a clear alternative for averting the year-end “fiscal cliff” that could win Democratic support.
As congressional leaders from both parties gathered for a high-stakes meeting at the White House, Obama laid no new offers on the table, according to people familiar with the meeting.
Instead, Obama insisted that the package he outlined in a news conference Friday would pass both the House and the Senate if Republican leaders would stop blocking the legislation and put it to a vote, permitting a majority of lawmakers in both parties to work their will.
If congressional leaders cannot come to an agreement, Obama said in his statement after the meeting that he plans to demand that they permit an “up-or-down vote” on his proposal.
As expected, Boehner told the group assembled for the White House meeting that the House has already acted and would be awaiting Senate action. If the Senate amends a House-passed bill awaiting consideration, Boehner told the group that the House would reconsider the bill “either by accepting or amending” it, according to aides familiar with the meeting.
Senate leaders pledge to work through weekend to avert ‘cliff,’ following White House meeting
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Senate leaders pledge to work through weekend to avert ‘cliff,’ following White House meeting
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