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US 'fiscal cliff' deal elusive, though positions soften

 
Published on Nov 28, 2012
6:31 AM
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This Nov 16, 2012 file photo shows President Barack Obama, accompanied by House Speaker John Boehner of Ohio, speaking to reporters in the Roosevelt Room of the White House in Washington, as he hosted a meeting of the bipartisan, bicameral leadership of Congress to discuss the deficit and economy in Washington. TheUS Congress advanced by inches on Tuesday toward compromise on taxes and spending, but a firm deal to avert the "fiscal cliff" at the end of the year still seemed miles away, despite growing pressure from business interests for action. -- PHOTO: AP

(REUTERS) - The United States (US) Congress advanced by inches on Tuesday toward compromise on taxes and spending, but a firm deal to avert the "fiscal cliff" at the end of the year still seemed miles away, despite growing pressure from business interests for action.

President Barack Obama was set to hold meetings with business leaders on Tuesday and Wednesday and then travel to a factory in Pennsylvania on Friday to press his case on taxes.

Fresh from his Nov 6 re-election, Mr Obama wants to extend low income tax rates for middle-class Americans, but let tax rates rise on income over US$250,000 (S$310,000) a year per family.

Republicans oppose this position and favour extending low income tax rates, adopted during the administration of former President George Bush, for all income levels.

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