FILE – In this Thursday, Nov. 22, 2012, file photo, shoppers wait on a check-out line in the Times Square Toys-R-Us store after doors were opened to the public at 8 p.m., in New York. U.S. shoppers hit stores and websites at record numbers over the four-day Thanksgiving weekend, according to a survey released by the National Retail Federation on Sunday. They were attracted by retailers’ efforts to make shopping easier, including opening stores on Thanksgiving evening, updating mobile shopping applications for smartphones and tablets, and expanding shipping and layaway options. (AP Photo/John Minchillo)
WASHINGTON (AP) — Talk of compromise on a broad budget deal greeted returning lawmakers Monday, but agreement still seemed distant as the White House and congressional Republicans ceded little ground on a key sticking point: whether to raise revenue through higher tax rates or by limiting tax breaks and deductions.
House Speaker John Boehner, R-Ohio, pressed his case for revenue derived by reducing tax loopholes rather than raising tax rates on wealthy taxpayers, as President Barack Obama insists.
Boehner, voicing the Republican stance, said: “The American people support an approach that involves both major spending cuts and additional revenue via tax reform with lower tax rates.”
At the White House, Obama spokesman Jay Carney reiterated the president’s pledge not to sign legislation that extends current tax rates to the top 2 percent of income earners — households with incomes over $250,000. “That is a firm position,” Carney said.
Congress and Obama have until the end of the year to avoid across-the-board tax increases that would do away with rates set during the Login to read more