How Budget Talks Hit the Wall

O’Connor & Nicholas, Wall Street Journal
WASHINGTON—Congressional leaders and President Barack Obama called Friday for a return to negotiations to avert the so-called fiscal cliff, a day after talks cratered in a very public fashion when Republicans abandoned House Speaker John Boehner's backup plan.In truth, talks to secure a big deficit-reduction deal had already broken down Monday afternoon in the office of Mr. Boehner (R., Ohio), a Wall Street Journal reconstruction shows. Mr. Boehner had been negotiating a deal with the White House to let tax rates rise for upper-income people.

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