‘Fiscal Cliff’ looms: Kicking the Can, Washington- style

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Obama wants to let higher rates apply to upper incomes, but when Boehner relented and tried to pass legislation setting the threshold at $1 million — higher than Democrats want — Republicans refused.

Less than two months ago, all sides expressed optimism about far more than dealing with the expiring tax cuts.

The plan then was also to forge a compromise that would also replace about $500 billion in spending cuts aimed at the Pentagon and a variety of domestic accounts with a series of targeted reductions.

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