President Barack Obama reduced his demand for tax increases to $1.4 trillion from $1.6 trillion as he and House Speaker John Boehner traded another round of offers and inched toward a budget agreement.
The two sides remain hundreds of billions of dollars apart on taxes and spending, and they continue to disagree on whether a year-end deal should include an increase in the debt limit and fresh programs to boost the economy. Obama and Boehner spoke by telephone yesterday, according to a Republican congressional aide and an administration official.
Obama's latest offer better reflects the upper boundary of tax revenue Democrats could support. His budget plan earlier this year had more than $200 billion in tax increases on dividends and estates that couldn't get through the Democratic-controlled Senate.
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