House Speaker John Boehner made a big decision that goes a long way toward steering the country away from the fiscal cliff. Instead of raising taxes on Americans earning more than $250,000, Boehner agreed to raise taxes on incomes of more than $1 million. This will raise $1 trillion over 10 years—$400 billion short of Obama’s new revenue demand. Now, if the other side can give something up—perhaps $600 billion in spending cuts to federal health care programs—negotiators will just have another $200 billion to haggle over to avoid the cliff.
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