US House Speaker offers to Extend Debt Limit to Avoid Fiscal Cliff

There was no progress this weekend towards reaching an agreement to avoid the US fiscal cliff. In an effort to avoid the effects that it could have on millions of Americans, Republican John Boehner has offered to extend the debt limit to next year. The main issue of contention that remains is the definition of wealthy regarding the tax increases. Republicans argue for a over 1 million dollar definition, while Democrats continue to push towards a figure of $250,000.

House Speaker John Boehner has offered to extend the debt limit for a year as part of a deficit-reduction deal to avoid the fiscal cliff, a source familiar with the talks told CNN on Sunday.

via CNN

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