President Barack Obama said in a new conference on Monday that a deal to prevent a fiscal cliff is "within sight."
"It appears that an agreement to prevent" the fiscal cliff tax hike for Americans "is within sight, but it's not done," President Obama said. The agreement would extend tax credits for families with children, for tuition, and for clean energy companies, the president said, adding that it would also extend unemployment insurance.
Obama made the announcement at the White House with a group of middle-class Americans standing with him. Obama says he's hopeful Congress can get it done. The president says the potential deal would include an extension of unemployment benefits and a number of tax credit extensions, including those for families with children.
The deal in the works would return tax rates on families making over $450,000 to 39.6 percent. The tax on estates worth more than $5 million would increase to 40 percent. And unemployment benefits would continue for one year.
The officials say the White House and Republicans are at an impasse over what to do about automatic, across-the-board spending cuts set to begin taking effect on Jan. 1. Democrats want to put off the cuts for one year.
The officials requested anonymity in order to discuss the internal negotiations.
Copyright 2012 Associated Press. All rights reserved.
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