Possible U.S. Budget Deal Would Extend Tax Cuts
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The White House and congressional negotiators agreed to contours of a budget deal including tax cut extensions, with the remaining sticking point being how to avert automatic federal spending cuts, said an official familiar with the talks.
The official described the proposed framework as the White House announced President Barack Obama’s plans to deliver remarks at 1:30 p.m. Washington time on the status of the talks. Under the proposed deal, income tax cuts would be extended for annual income up to $450,000, the official said, with rates rising to 39.6 percent on income above that. Expanded unemployment insurance would be continued through 2013.