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The scheduled year-end changes include a series of expiring tax cuts that were approved in the George W. Bush administration. The other half of the problem is a set of punitive across-the-board spending cuts, looming only because partisan panel of lawmakers failed to reach a debt deal. Put together, they could mean the loss of roughly 3 million jobs. Since the election, Boehner and Obama have both responded to the reality that they need each other
-- though their rhetoric is a bit testy. "This is his opportunity to lead," Boehner said of Obama, not long before the president said: "All we need is action from the House." Obama said the uncertainty now spooking investors and employers will be shrunk if Congress extends
-- quickly -- the tax cuts for all those except the most-well off. The Senate has passed such a bill. The House showed no interest on Friday in Obama's idea. Compromise has become mandatory if the two leaders are to avoid economic harm and the anger of a public sick of government dysfunction. Obama says he is willing to talk about changes to Medicare and Medicaid, earning him the ire of the left. Boehner says he will accept raising tax revenue and not just slashing spending, although he insists it must be done by reworking the tax code, not raising rates. The framework, at least, is there for a broad deal on taxes.
[Associated
Press;
Associated Press writers Andrew Taylor, Donna Cassata, Julie Pace, Matthew Daly, Jim Kuhnhenn and Ken Thomas contributed to this report.
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Copyright 2012 The Associated
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