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Forbes: A Guide to Understanding the Fiscal Cliff

8. What Has Been Done so Far?

The decision on this issue has twice been kicked down the road: first in August 2011, then the following November. Negotiations waited to ramp up until the election finished. President Obama’s victory and the reelection of a Democratic Senate and Republican House necessitate a bipartisan agreement. So far, Obama has invited Congressional leaders to open talks at the White House, but both parties have staked out their territory: Obama, while saying he’s not wedded to all of his suggestion, is strongly in favor of raising taxes on the wealthiest Americans; Republicans, under the leadership of House Speaker John Boehner, strongly oppose this, arguing it would stall business growth.

Source: (Forbes) Market Isn’t Sold on Obama’s Olive Branch for Fiscal Cliff

(AP Photo)

More from Forbes:
Do You Have Enough Money to Retire?
How to Negotiate a Year-End Raise
The Best and Worst States for Retirement

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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