Break down like this households making 20,000 to 4,000 would see an increase in 1,200 a year. Incomes of 40,000 to 64,000 would see taxes rise 2,000 and in the 64,000 to 108,000 bracket taxes go up 3,500 a year. Mr. Obama and the republican speaker of the house talked this over today and heres Major Garrett at the white house. Major . Reporter scott, there there is a code of silence the white house and Speaker Boehners try to apply to these phone conversations, releasing as few details as possible to protect the underlying negotiations. Nevertheless, cbs news has learned the following the speaker and the president spoke before treasury secretary tkpwaoeugter insers. E. C. Geithners comments about going over the cliff, the conversation was described as brief, meaning shorter than the 28minute conversation Speaker Boehner and the president had last week. Also those familiar with the conversation tell me or do not used a skwrebgive thes like curt, frank and direct meaning it was probably
Captioning sponsored by cbs this is the cbs evening news with scott pelley. Pelley good evening, theyve never said it quite like this the president s treasury secretary made it clear there is no room for compromise. Republicans must accept an increase in tax rates for upperincome americans. Negotiations on a budget deal havent gone very far and there are just 27 days before that socalled fiscal cliff. Thats the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. Heres how treasury secretary tim geithner put it on cnbc. Is the administration prepared to go over the fiscal cliff . Absolutely. Theres no prospect to an agreement that doesnt involve those rates going up on the top 2 of the wealthiest americans. Ren, its only 2 . Pelley by 2 , he means individuals making more than 200000 and couples taking in 250,000 or more. Republicans say rates shouldnt be
Gentler way to solve the crisis in the federal budget. Heres how treasury secretary tim geithner put it on cnbc. Is the administration prepared to go over the fiscal cliff . Absolutely. Again there is no prospect to an agreement that doesnt involve those rates going up on the top 2 of the wealthiest americans. Remember, its only 2 . Pelley by top 2 , he means individuals making more than 200,000 and couples taking in 250,000 or more. Republicans say rates shouldnt be increased on anyone. With no agreement, going over the fiscal cliff would be painful. The automatic tax increases break down like this households making 20,000 to 40,000 would see an increase in 1,200 a year. Incomes of 40,000 to 64,000 would see taxes rise 2,000 and in the 64,000 to 108,000 bracket taxes go up 3,500 a year. Mr. Obama and the republican speaker of the house talked this over today and heres Major Garrett at the white house. Major . Reporter scott, there is a code of silence the white house and Speaker Boehn
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