Fiscal Cliff

Fiscal Cliff Dealmaking Coming into Focus

Don't call it sausage-making. At least sausages taste good.

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.[W]ith written proposals from both sides now on the table, senior aides say the elements of a deal are coming into focus:

Fresh tax revenue, generated in part by raising rates on the wealthy, as Obama wants, and in part by limiting their deductions, as Republicans prefer. The top rate could be held below 39.6 percent, or the definition of the wealthy could be shifted to include those making more than $375,000 or $500,000, rather than $250,000 as Obama has proposed.

Obama wants $1.6 trillion over the next decade, but many Democrats privately say they would settle for $1.2 trillion. Boehner has offered $800 billion, and Republicans are eager to keep the final tax figure under $1 trillion, noting that a measure to raise taxes on the rich passed by the Senate this summer would generate only $831 billion.