According to Powerlineblog, the status of the fiscal cliff negotiations:
'On the deal making side, Obama now says he will settle for raising taxes only on those making more than $400,000 per year. For Boehner, the magic number is $1 million. Obama now says he will settle for $1.2 trillion in new revenue, although Boehner reportedly thinks that the president’s details show him seeking $1.3 trillion, in reality. This is down from $1.4 trillion.'
'On the savings side, Obama apparently would agree to a less expansive measure of the cost of living that would save $225 billion over the next decade, about half of it in Social Security savings. He would also agree to additional spending cuts and to end the payroll tax holiday. Obama still clings, however, to his demand of new stimulus spending, to the tune of $80 billion.'
From the outset Boehner has agreed to revenue increases contrary to most Republican's desire for no tax increases. His initial offer was $800 billion over 10 years which is EXACTLY what the tax rate increase on the $200/$250k income level would allegedly bring in, accomplished mainly by limiting deductions. Obama immediately demanded double that revenue, $1.6 trillion, and did not budge on the tax rate increases. Now Boehner's come a lot closer to Obama's position.
Meanwhile Obama's spending position in the negotiations is an $80 billion INCREASE. Obama made several speeches beginning right after the election calling for a "balanced" approach. In other words not only isn't he agreeing to as much spending cuts as Boehner wants, he's demanding increased spending.
Now if they don't reach an agreement, ignorant airheads will blame it on Republican intransigence because of the Tea Party's greed. That's will undoubtedly be the "narrative" in Democrat circles.
All of this drivel is rearrangement of the deck chairs on the Titanic, and it doesn't even qualify as a decent display. The losses in PM are representative of the under 45 crowd that may actually think paper is money, having been raised no other way.
I await for the knife to hit the ground, bounce a bit, and then I am all in.