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Obama backs off hard lines in search of compromise
Dec 18th 2012, 08:25

JIM KUHNHENN , The Associated Press Posted: Tuesday, December 18, 2012, 3:12 AM WASHINGTON - Narrowing a "fiscal cliff" negotiating gap, President Barack Obama is backing off what had once been ironclad positions. A new proposal handed to House Speaker John Boehner on Monday drops Obama's long-held insistence that taxes rise on individuals earning more than $200,000 and families making more than $250,000. He is now offering a new threshold of $400,000 and lowering his 10-year tax revenue goals from the $1.6 trillion he had argued for a few weeks ago. Obama also abandoned his demand for permanent borrowing authority. Instead, he is now asking for a new debt limit that would last two years,...

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