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Cliff Deal Unlikely to Occur Before Dec. 25, Lawmakers Say

Wednesday, December 19, 2012
With negotiations still at an impasse over legislation to prevent more than $600 billion in tax increases and spending cuts from going into effect in January, lawmakers say any final vote is unlikely to occur until after Christmas. The schedule in both chambers of Congress is working against resolution of the cliff issues of automatic across-the-board tax increases and spending cuts in the coming week. House Speaker Boehner announces that although he is still working to find an agreement with President Obama on a bill, he intends to bring up his own proposal for a Dec. 20 vote. Boehner's plan would raise marginal income tax rates on household income in excess of $1 million. Democrats say Boehner's planned vote is for political show since the bill has no chance of passing the Senate.

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