With “fiscal cliff” deadline nearing, parties still at odds

U.S. President Obama attends the 4th ASEAN-U.S. Leaders' Meeting in Phnom PenhWASHINGTON (Reuters) – Republicans in the U.S. Congress on Monday called on President Barack Obama to detail long-term spending cuts to help solve the country's fiscal crisis, while holding firm against the income tax rate increases for the wealthy that Democrats seek. In a further sign of tense relations between negotiators who are trying to avert a year-end "fiscal cliff" of steep tax increases and spending cuts, the White House expressed doubts that "balanced" deficit reductions can be achieved merely by limiting tax breaks and cutting spending, as Republicans propose. …

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