The Daily Banter Headline Grab. From Reuters:
President Barack Obama held his ground on the “fiscal cliff” on Tuesday, insisting on higher tax rates for the wealthiest Americans, while Republicans showed increasing disarray over how far they should go to compromise with Obama’s demands.
With less than a month left to confront the budget cuts and tax increases that will begin taking effect in January unless Congress acts, Obama dangled the possibility of lowering tax rates as part of a broad U.S. tax code revamp in 2013.
But he again insisted, in an interview with Bloomberg Television, that tax rates for the wealthiest 2 percent of taxpayers must rise in any deal by the end of the year to avert the assorted measures known as the fiscal cliff.
Obama, a Democrat, may face resistance from his own party if and when he’s forced to be specific about how he would cut the cost of entitlements, such as the Medicare health insurance program for seniors.