Obama Meets Romney; 'Cliff' Talks Falter


Democrats insist any debt and deficit reduction deal must include income tax increases on individuals earning more than $200,000 a year and families earning more than $250,000 a year -- a major sticking point for Republicans who stand opposed.

GOP leaders say they are open to increasing tax revenues through elimination of some deductions and loopholes but only in tandem with deep spending cuts which they claim the White House has not specified.

"Democrats are on the same page, Republicans know where we stand," Senate Majority Leader Harry Reid said today. "You can't get from here to there unless you raise the upper rates. And that's what the president suggested. It's up to them to come forward with something else."

The finger-pointing on specifics signals that both sides are waiting for the other to go first in negotiations, wary of losing leverage in taking the first step toward compromise.

ABC News' Emily Friedman and Ann Compton contributed to this report. This post has been updated.

  • 1
  • |
  • 2
Join the Discussion
You are using an outdated version of Internet Explorer. Please click here to upgrade your browser in order to comment.
blog comments powered by Disqus
You Might Also Like...
See It, Share It
PHOTO: Firefighters rescue a woman who got stuck in a chimney in Thousand Oaks, Calif.
Ventura County Fire Department
PHOTO: Apple Pay is demonstrated at Apple headquarters on Oct. 16, 2014 in Cupertino, Calif.
Marcio Jose Sanchez/AP Photo
PHOTO: Up in Ash: Mount Sinabung Erupting
Tibt Nangin/Anadolu Agency/Getty Images
PHOTO: Defendant Jodi Arias testifies about killing Travis Alexander in 2008 during her murder trial in Phoenix, Feb. 20, 2013.
Charlie Leight/The Arizona Republic/AP Photo
PHOTO: Kim Kardashian, Kanye West, their daughter North West and Delphine Arnault attend the Givenchy show as part of the Paris Fashion Week Womenswear Spring/Summer 2015, Sept. 28, 2014 in Paris.
Bertrand Rindoff Petroff/French Select/Getty Images