House Speaker John Boehner offered a “framework” including new revenue to reduce the U.S. budget deficit during talks with President Barack Obama and Congress leaders on averting a year-end fiscal crisis.
Boehner joined White House Press Secretary Jay Carney in describing today’s meeting, the first in a series, as “constructive.” The session featured the same actors, including House Minority Leader Nancy Pelosi and Senate Majority Leader Harry Reid, both Democrats, who failed to reach a $4 trillion debt compromise in mid-2011.
As the White House talks wrapped up today, U.S. stocks rose. The Standard & Poor’s 500 Index rose as much as 1 percent after leaders emerged from the meeting. The index was up less than 1 percent to 1,355 at 2:46 p.m. in New York after closing yesterday at its lowest level since July 25. The S&P 500 had lost almost 6 percent since the election.
Yesterday Representative Steve King, an Iowa Republican, said Boehner, an Ohio Republican, could probably get a revenue package through the House that curbs deductions and credits for the highest earners and slightly raises rates above the current 35 percent level, as long as it remains short of the 39.6 percent that Obama wants.