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Of all the stuff I’ve been reading of late about the so-called fiscal cliff — and there’s been lots of it — THIS PREDICTION passed along by Bill King strikes me as the most likely scenario:
It appears the only real stumbling block to a short-term deal is the president’s insistence that taxes for those making more than $250,000 go back to the Clinton era rates. Having campaigned heavily on that issue, he can hardly back down. For most Republicans, raising the rate is anathema because of their pledge to Grover Norquist to not vote for a tax increase....
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