Fiscal Cliff

Congressional Leaders Bargain on Taxes

Whatever the two parties come up with, you can be sure you won't like it

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Top congressional leaders of both parties, eager to avoid the "fiscal cliff," are beginning to show signs of willingness to compromise on the thorny issue of raising taxes on the wealthiest Americans as they prepare to meet President Obama on Friday at the White House.

Republican leaders on Capitol Hill this week said they are willing to talk about increased government revenue from closing down tax deductions and loopholes, while Democrats including Mr. Obama and House Minority Leader Nancy Pelosi have signaled willingness to concede on raising the top income tax rate back to 39.6 percent.