Thursday on the edge of the "fiscal cliff"

3:04 PM, Nov 29, 2012   |    comments
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Boehner: Dems need to propose spending cuts

WASHINGTON (AP) -- After meeting with Treasury Secretary Tim Geithner (GYT'-nur), House Speaker John Boehner says Democrats still haven't recommended cuts to government benefit programs as part of a deal to avoid the so-called fiscal cliff.

Boehner told reporters the meeting was frank and direct, but gave no indication of any progress toward averting the blend of tax increases and spending cuts due to hit at the turn of the year.

The Ohio Republican noted that the GOP has agreed to higher revenues as part of any deal, but only if accompanied by serious spending cuts.

Democrats have said they are open to savings from Medicare and Medicaid, but so far have given no indication of what changes they will accept.

Geithner also was meeting with other congressional leaders in both houses.

Stock gains erased on pessimism over budget talks

NEW YORK (AP) -- An early gain on Wall Street is evaporating after House Speaker John Boehner said little progress was being made in budget talks in Washington.

The Dow Jones industrial average had been up as much as 77 points in morning trading Thursday, but turned lower after Boehner's remarks at 11:30 a.m. Eastern.

The market got off to a strong start following several positive economic reports.

Investors have been closely following the talks between the White House and Congress, which are aimed at avoiding sharp spending cuts and tax increases at the beginning of the year.

Romney arrives for lunch with Obama

WASHINGTON (AP) -- President Barack Obama and Mitt Romney are meeting for lunch at the White House, hoping to discuss their overlapping interests instead of the sharp differences that defined their presidential contest.

Obama and the Republican nominee are meeting for the first time since the election, gathering in the White House's private dining room. The two men are meeting alone with no press coverage expected.

Romney arrived at the White House early Thursday afternoon in a black SUV. He stepped out of the passenger side and walked into the West Wing alone.

Romney met earlier in the day with his former running mate, Wisconsin Rep. Paul Ryan.

AP

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