President Obama has his fingers crossed that his Christmas gift will be a solution for the fiscal cliff. He’s not the only one, as Ohio Republican and House Speaker John Boehner also believes a compromise can be reached to avoid the fiscal cliff, and it can come “sooner rather than later.”
In the House, there is large concern over tax increases, with many Tea Party-backed House members in opposition to any increases in marginal tax rates. Tea Party members are also concerned about the Bush-era tax cuts expiring and would like to see them become permanent, says Colorado Republican Mike Hoffman.
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Though Republicans have a rather firm stance on tax rates, some have made concessions, saying that they may be willing to increase tax revenues by closing loopholes and limiting tax breaks. Republicans would also like to see cuts to entitlements and discretionary funds.
As it stands, entitlement programs and tax rates for high-income brackets are key to resolving the looming fiscal cliff, but House Speaker Boehner and President Obama are both hopeful that a compromise will soon be reached.
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