Futures head higher as budget talks proceed

US futures moving higher on signs of a thaw in budget negotiations; Boehner gets a new offer

Associated Press
Boehner to pursue 2nd legislative track on taxes
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FILE - In this July 30, 2011, file photo, House Speaker John Boehner, R-Ohio, speaks at a news conference on Capitol Hill in Washington. President Obama and Speaker Boehner met at the White House today in search of a compromise to avert the economy-threatening "fiscal cliff." (AP Photo/J. Scott Applewhite, File)

NEW YORK (AP) -- Stock futures are higher on emerging signs that the White House and Congress are moving closer to a budget deal.

Dow Jones industrial futures are up 46 points to 13,230. The broader S&P futures have added 5.8 points to 1,432.80. Nasdaq futures are up 19 points to 2,681.

President Barack Obama appears to be backing away from once immovable negotiating points.

A new proposal drops Obama's long-held insistence that taxes rise on individuals earning more than $200,000 and families making more than $250,000. He is now offering a new threshold of $400,000 and is lowering his 10-year tax revenue goals he had argued for a few weeks ago.

The Commerce Department will release its quarterly current account trade deficit report Tuesday, and economists expect those numbers to narrow.

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