WASHINGTON (AP) - The contours of a deal to avert the 'fiscal cliff'
emerged Monday, with Democrats and Republicans agreeing to raise tax
rates on family income over $450,000 a year, increase the estate tax
rate and extend unemployment benefits for one year, officials familiar
with the negotiations said.
But with a midnight deadline rapidly approaching,
both sides were at an impasse over whether to put off automatic,
across-the-board spending cuts set to take effect on Jan. 1, and if so,
how to pay for that. Democrats want to put off the cuts for one year and
offset the so-called sequester with unspecified revenue.
Officials emphasized that negotiations were
continuing and the emerging deal was not yet final. President Barack
Obama was to speak about the status of the negotiations from the White
House early Monday afternoon.
The proposal in the works would raise the tax rates
on family income over $450,000 to 39.6 percent, the same level as under
former President Bill Clinton. Also, estates would be taxed at 40
percent after the first $5 million, up from 35 percent to 40 percent.
Unemployment benefits would be extended for one year.
A Republican official familiar with the plans confirmed the details described to The Associated Press.
The officials requested anonymity in order to discuss the internal negotiations.
Urgent talks were continuing Monday afternoon
between the White House and congressional Republicans, with longtime
negotiating partners Vice President Joe Biden and Senate Republican
leader Mitch McConnell at the helm.
An agreement on the proposed deal would also shield
Medicare doctors from a 27 percent cut in fees and extend tax credits
for research and development, as well as renewable energy.
The deal would also extend for five years a series
of tax credits meant to lessen the financial burden on poorer and
middle-class families, including one credit that helps people pay for
college.
The deal would achieve about $600 billion in new revenue, the officials said.
Thursday, May 23 2013 11:03 PM EDT2013-05-24 03:03:13 GMT
A Perrysburg Township packaging plant is closing this summer, affecting 126 employees at the location. We're told an agreement allowing Diamond Crystal Brands to sell Splenda sweetener will expire at
A Perrysburg Township packaging plant is closing this summer, affecting 126 employees at the location.
Thursday, May 23 2013 11:34 PM EDT2013-05-24 03:34:48 GMT
13abc and the Red Cross are teaming up for our Road to Recovery Phone Bank to provide information about helping the victims of the Oklahoma tornado and other disasters. Volunteers will be at the station
13abc and Red Cross teamed up for our Road to Recovery Phone Bank Thursday to provide information about helping the victims of the Oklahoma tornado and other disasters.
Thursday, May 23 2013 11:10 PM EDT2013-05-24 03:10:04 GMT
MOUNT VERNON, Wash. (AP) - The Washington State Patrol says the Interstate 5 bridge over the Skagit River at Mount Vernon has collapsed, dumping vehicles and people into the water. Trooper Mark Francis
The Interstate 5 bridge over the Skagit River at Mount Vernon collapsed Thursday evening, dumping vehicles and people into the water, the Washington State Patrol said.
Thursday, May 23 2013 9:57 PM EDT2013-05-24 01:57:54 GMT
COLUMBUS, Ohio (AP) - A proposed constitutional amendment legalizing medical marijuana and certain uses of hemp has cleared Ohio's ballot board. The panel's approval Thursday sends the issue into its
A proposed constitutional amendment legalizing medical marijuana and certain uses of hemp has cleared Ohio's ballot board.
Thursday, May 23 2013 8:40 PM EDT2013-05-24 00:40:05 GMT
PHOENIX (AP) - The jury in Jodi Arias' trial was dismissed Thursday after failing to reach a unanimous decision on whether the woman they convicted of murdering her one-time boyfriend should be sentenced
The jury in Jodi Arias' trial was dismissed Thursday after failing to reach a unanimous decision on whether the woman they convicted of murdering her one-time boyfriend should be sentenced to life or death in a case that has captured headlines worldwide with its sex, lies, violence.
Thursday, May 23 2013 8:38 PM EDT2013-05-24 00:38:38 GMT
(ABC News) -- The Boy Scouts of America today voted to lift its longtime national ban on admitting openly gay Scouts but will continue to exclude openly gay adults from leadership roles. The vote
The Boy Scouts of America today voted to lift its longtime national ban on admitting openly gay Scouts but will continue to exclude openly gay adults from leadership roles.
Thursday, May 23 2013 8:02 PM EDT2013-05-24 00:02:06 GMT
The 27-year-old woman who was on the ground staring into the barrel of a shotgun says Toledo police officers saved her life. Valarie Williams tells 13 ABC's Christine Long that it is nothing short of
The 27-year-old woman who was on the ground staring into the barrel of a shotgun says Toledo police officers saved her life. As a man stood over her pointing a shotgun to her face, Valerie Williams says, "It was like an angel came because the cops pulled up."
Thursday, May 23 2013 6:22 PM EDT2013-05-23 22:22:19 GMT
Some families in Maumee were surprised to open their utility bills and find some were ten times the normal amount. Many come from the Wrenworth subdivision and say they've been getting these very high
Some families in Maumee were surprised to open their utility bills and find some were ten times the normal amount. Many come from the Wrenworth subdivision and say they've been getting these very high bills recently and now they're asking why. At least one family did not get an actual meter reading in several months.
Thursday, May 23 2013 6:25 PM EDT2013-05-23 22:25:21 GMT
Planning is underway for the First Annual African American Male Wellness Walk in Toledo. The walk will be held August 3, 2013 at the African American Legacy Project located at 1326 Collingwood Boulevard.
Planning is underway for the First Annual African American Male Wellness Walk in Toledo. The walk will be held August 3, 2013 at the African American Legacy Project. Go to 13abc.com for details.
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