The Fiscal Cliff has become a MAJOR source of interest for the market, and today should be interesting.Both Obama and Boehner are set to speak publicly on the matter today.
Jake Sherman, Carrie Budoff Brown, and John Bresnahan at POLITICO have a great overview of some of the immediate political issues at play.
Their basic lay of the land: Boehner is in an incredibly tight spot, but at the moment, he thinks he has a little more flexibility within his own caucus than he has had in the past, which is news that’s conducive to a deal.
But as evidence of how carefully Boehner has to step, they report that when he gave his speech on Wednesday, he wrote up 17 drafts, before settling on the 11-minute version that he finally delivered.
…Boehner’s immediate goal is a legislative solution that gets the country past the Dec. 31 expiration of the Bush tax cuts and implementation of defence and domestic spending cuts. Boehner is seeking an extension of current tax rates that could run alongside new provisions that generate additional revenues, spending cuts and an expedited process for tax and entitlement reform to be kick-started in 2013.
Obama is preparing, too. He spent Thursday behind closed doors at the White House, meeting with senior staff and settling on a negotiating strategy. Neither the president nor his top aides have spoken publicly about what their next steps are because they say he first needed to hear from Republicans about what they want.
Obama and Boehner will both speak to the media Friday. Boehner will take questions, Obama won’t.
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