Fiscal cliff talks pick up

US President Barack Obama and House of Representatives Speaker John Boehner have met at the White House as talks on avoiding the “fiscal cliff” gather pace. At the 45-minute meeting on Monday, December 17, which follows face-to-face discussions on Thursday and a phone call between the two on Friday, Boehner has signaled he would agree to raising tax rates for those earning more than US$1 million a year and would raise the debt ceiling to ensure the government is funded for a year. He would like the White House to agree to $1 trillion of spending cuts. A deal must be reached by 1 January, or a combination of steep tax rises and sharp spending cuts will take effect.


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