Fiscal Cliff Talks Stall

Another day, another stalemate. President Obama telephoned House Speaker John Boehner on Tuesday night to discuss Boehner’s latest proposal on how to avoid the fiscal cliff—but Republican aides themselves admitted the proposal sent to the president is virtually identical to the one the he rejected last week. Majority Leader Harry Reid, meanwhile, said Tuesday that it will be “extremely difficult” to get a deal to avoid the fiscal cliff before Christmas. If a budget deal is not reached before Jan. 1, draconian spending cuts will automatically be put in place while the Bush tax cuts will be repealed, which some have said will cause the economy to nosedive.