House of Representatives Speaker John Boehner hopes to avoid the fiscal cliff by closing loopholes and deductions. President Obama suggested that only by completely eliminating charitable tax deductions could the Republicans increase revenues sufficiently without also increasing taxes on the wealthy as he would like to do.
President Obama and House Speaker John Boehner disagree about whether tax rates on the top two percent of earners should go up. The White House says, 'yes' and Republicans say, 'no'. Most Americans don't think the two sides will reach an agreement by January 1, according to a recent poll. But others are more optimistic.