When congressional leaders gather at the White House this afternoon, they'll be hearing a limited proposal from President Barack Obama aimed at avoiding the tax increases and deep spending cuts that are slated to take effect next week.
Lawmakers and White House officials are holding out a slim hope for a deal, but it's not clear whether congressional passage of legislation that both sides can accept is even possible.
Today's meeting -- the first since mid-November -- is expected to center on which income thresholds would face higher tax rates. There will likely be talk about extending unemployment insurance, and preventing a cut in Medicare payments to doctors.
Despite early talk of a grand bargain that would reduce deficits by more than $2 trillion, the expectations now are far less ambitious.
Republicans and Democrats say any agreement will likely include an extension of middle-class tax cuts with increased rates at upper incomes. The deal would likely put off the scheduled spending cuts.
Most Popular Today
- 1.Your Money Matters
Sioux Falls Business Battles Bacteria
New Manager Named For South Dakota State Fair
- 3.Health Care
Third Profile by Sanford Store Opens In Sioux Falls
- 4.Gas & Energy
Sioux Falls Average Gas Price Among The Lowest In U.S.
- 5.Retail & Restaurants
December 18 Is 'Free Shipping Day'
SDN Communications To Buy Sioux Valley Wireless
- 7.Gas & Energy
NorthWestern Energy Wants To Raise Rates
- 8.Crops, General
Cargill Encouraged By Economic Progress With Cuba
- 9.Your Money Matters, College
On The Tech Track
How Build Dakota Differs From Other Initiatives