House Speaker John Boehner said on Wednesday "serious differences" remain with President Barack Obama in talks to avert the "fiscal cliff" of steep tax hikes and budget cuts set for the end of the year.
Boehner, who spoke with Obama on Tuesday night, said the president's proposal for $1.4 trillion in new tax revenues did not fulfill his promise for a balanced approach to taming the federal deficit and could not pass Congress.
Source: Reuters. Read full article. (link)