US political negotiations to avert triggering the fiscal cliff—a combination of government spending cuts and tax hikes set to take effect Jan. 1—are in limbo as the Republicans Thursday night withdrew “Plan B” legislation amid division within their party. Republican House Speaker John Boehner had put forward the legislation—which didn’t stand any chance of making it into law because of opposition in the Senate—as a symbolic show of Republican willingness to agree to higher taxes for Americans making more than $1 million annually. The Democrats and the Republicans remain divided over the extent of federal spending cuts necessary, the size of tax hikes on the wealthy, and the level where tax increases would kick in.
US fiscal cliff negotiations in limbo after Republicans withdraw their ‘Plan B’ bill
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