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12/18/2012 09:02 AM

Obama Closing In On "Fiscal Cliff" Deal

By: NY1 News

President Barack Obama is backing off hard lines in an effort to avert a ``fiscal cliff.'' The White House has handed House Speaker John Boehner a proposal for higher taxes on households earning more than $400,000 a year instead of $250,000 _ the level at which Obama previously insisted taxes should go up. Obama also is proposing lower cost-of-living increases for Social Security recipients.