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Obama Readies Backup Fiscal Cliff Plan As Senate Leaders Continue Work on Solution

Wednesday, January 2, 2013
By Jonathan Nicholson, Cheryl Bolen, and Marc Heller

President Obama said after a meeting with congressional leaders at the White House Dec. 28 that he had asked Senate Majority Leader Harry Reid (D-Nev.) to seek a vote on a backstop plan that would allow the “middle class” tax cuts--for individuals making $200,000 or less and families making up to $250,000 annually--to continue, extend long-term unemployment benefits, and set up a process for further deficit reduction.

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