President Barack Obama reduced his demand for tax increases to$1.4 trillion from $1.6 trillion as he and House Speaker JohnBoehner traded another round of offers and inched toward a budgetagreement.
The two sides remain hundreds of billions of dollars apart ontaxes and spending, and they continue to disagree on whether ayear-end deal should include an increase in the debt limit andfresh programs to boost the economy. Obama and Boehner spoke bytelephone yesterday, according to a Republican congressional aideand an administration official.
Obama's latest offer better reflects the upper boundary of taxrevenue Democrats could support. His budget plan earlier this yearhad more than $200 billion in tax increases on dividends andestates that couldn't get through the Democratic-controlledSenate.
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