Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Benin feels the pinch of Nigeria's economic woes

Read more

BUSINESS DAILY

Deutsche Bank shares recover after turbulent week

Read more

MEDIAWATCH

Inside Aleppo: 'Feels like prison'

Read more

THE WORLD THIS WEEK

The Legacy of Shimon Peres, The Battle of Aleppo (Part 1)

Read more

THE WORLD THIS WEEK

Trump-Clinton Debate, Colombia Peace Deal, Death of the BlackBerry (Part 2)

Read more

FRANCE IN FOCUS

Backstage at Paris Fashion Week

Read more

FASHION

Paris Fashion Week: Saint Laurent, Lanvin, present new designers

Read more

#THE 51%

Online and proud: Iranian women use social media in a campaign for equality

Read more

#TECH 24

Say hello to Pepper!

Read more

Americas

Republicans take conciliatory approach to 'fiscal cliff' talks

Text by News Wires

Latest update : 2012-11-16

Republican lawmakers said Friday they would be prepared to agree to additional revenue, as negotiations with their Democrat counterparts began towards averting the so-called 'fiscal cliff'. Failure to reach an agreement could slow the US economy.

Top Republicans emerged from a meeting at the White House on Friday saying they are prepared to agree to additional revenue in order to avert looming harsh tax hikes and spending cuts, as long as there also are reductions in spending.

“To show our seriousness, we’ve put revenue on the table as long as it’s accompanied by significant spending cuts,” House Speaker John Boehner told reporters at the White House.

Mitch McConnell, the most powerful Republican in the Senate, also offered conditional backing for new revenue, but said reforms to social safety net programs also are necessary.

“We fully understand that you can’t save the country until you have entitlement programs that fit the demographics of changing America in the coming years,” the Senate minority leader said. “We’re prepared to put revenue on the table provided we fix the real problems.”

Lawmakers sought to establish a conciliatory tone in their first round of talks on the so-called fiscal cliff after Obama was re-elected to a second four-year term. Boehner, McConnell, House Minority Leader Nancy Pelosi and Senate Majority Leader Harry Reid all described the initial discussions as “constructive.”

Financial markets and others are nervous that lawmakers may fail to reach a deal, which would put a sharp brake on the U.S. economy, and the lawmakers sought to reassure the public of progress. Reid said they would work through the Thanksgiving holiday to craft an agreement, which Pelosi said she hopes comes before Christmas.

“I was focusing on how we send a message of confidence to consumers, to the markets, in the short run too,” she said of their meeting with the president.

Boehner said he had outlined a deal that includes tax code reforms and spending cuts.

“The framework I’ve outlined in our meeting today is consistent with the president’s call for a fair and balanced approach,” he said.

Lawmakers will meet with the president again after Thanksgiving, Reid said.

(REUTERS)
 

Date created : 2012-11-16

  • USA

    Obama warns of automatic tax rises after 'fiscal cliff'

    Read more

  • US ELECTIONS 2012

    Split Congress presents familiar challenge for Obama

    Read more

  • US ELECTIONS 2012

    ‘Republicans must wake up to a changing electorate’

    Read more

COMMENT(S)