President Barack Obama said in a new conference on Monday that a deal to prevent a fiscal cliff is "within sight."
"It appears that an agreement to prevent" the fiscal cliff tax hike for Americans "is within sight, but it's not done," President Obama said. The agreement would extend tax credits for families with children, for tuition, and for clean energy companies, the president said, adding that it would also extend unemployment insurance.
Obama made the announcement at the White House with a group of middle-class Americans standing with him. Obama says he's hopeful Congress can get it done. The president says the potential deal would include an extension of unemployment benefits and a number of tax credit extensions, including those for families with children.
The deal in the works would return tax rates on families making over $450,000 to 39.6 percent. The tax on estates worth more than $5 million would increase to 40 percent. And unemployment benefits would continue for one year.
The officials say the White House and Republicans are at an impasse over what to do about automatic, across-the-board spending cuts set to begin taking effect on Jan. 1. Democrats want to put off the cuts for one year.
The officials requested anonymity in order to discuss the internal negotiations.
Copyright 2012 Associated Press. All rights reserved.
Tuesday, May 21 2013 12:50 PM EDT2013-05-21 16:50:22 GMT
MOORE, OK (RNN) – In one of the few positive stories to come from the deadly tornadoes in Oklahoma, an elderly woman was reunited with a four-legged friend she thought was dead. Barbara Garcia, a residentMore >
Elderly resident Barbara Garcia frantically called for her dog after the tornado had leveled her house, but with no success.More >
Friday, May 17 2013 7:16 PM EDT2013-05-17 23:16:53 GMT
One person has died in a crash near Harrisonville, MO, Thursday evening. The crash happened on Missouri Highway 7 and Walker Road. It involved a car and a tractor-trailer. Harrisonville is in Cass County.More >
Savannah Nash celebrated her 16th birthday last week. She died Thursday when her car slammed into a semi while she was texting during her first time driving by herself.More >
Monday, May 20 2013 6:56 PM EDT2013-05-20 22:56:26 GMT
Construction Crews in Flowery Branch and parts of Hall County are working to repair several roads that caved in during the storm on Sunday.Jim McCrystal and his family live on Cove Creek. He and his neighborsMore >
Construction Crews in Flowery Branch and parts of Hall County are working to repair several roads that caved in during the storm on Sunday.More >
Monday, May 20 2013 5:16 PM EDT2013-05-20 21:16:44 GMT
DeKalb County Police confirm that a former NFL player David McMillan III was shot and killed in Decatur on Saturday. McMillan played for the Cleveland Browns from 2005 to 2007. Based on witness statementsMore >
DeKalb County Police confirm that a former NFL player David McMillan III was shot and killed in Decatur on Saturday.More >
Monday, May 20 2013 10:53 AM EDT2013-05-20 14:53:00 GMT
Georgia Lottery players statewide won big from Saturday's historic $591 million Powerball drawing. Winning tickets worth $1 million were sold at RaceTrac on Riverstone Parkway in Canton and Corner CupboardMore >
Georgia Lottery players statewide won big from Saturday's historic $591 million Powerball drawing.More >
Tuesday, May 21 2013 4:49 PM EDT2013-05-21 20:49:15 GMT
Man trapped after retaining wall collapse in Buford along Camp Ranch Road. CBS Atlanta News will have details. Check back for updates. Copyright 2013 WGCL-TV (Meredith Corporation). All rights resMore >
Gwinnett County Department of Fire and Emergency Services responded to a man trapped after a retaining wall collapsed in Buford along Camp Ranch Road.More >
Tuesday, May 21 2013 4:47 PM EDT2013-05-21 20:47:27 GMT
Monday night Pothole Harry was driving home. As he merged onto GA 400 northbound headed towards Buckhead, he noticed a motorist standing on the side on the interstate. But her car wasn't broken down. SueMore >
Monday night Pothole Harry spotted a woman on the shoulder of GA 400. When Harry stopped, he discovered the woman trying to rescue a family of geese.More >