Compromise is suddenly the watchword in Washington, as negotiations over taxes, spending and entitlements begin in advance of the "fiscal cliff." White House officials say the president will stick to his principles but keep his options open.
The alternative minimum tax is looming over about 27 million more taxpayers this year. It's just one part of the so-called fiscal cliff — a big cluster of automatic spending cuts and tax hikes that will occur if Congress does not act. Those taxpayers could end up paying an average of $3,700 more without a fix.
With the "fiscal cliff" looming next year, a coalition of advocacy groups are calling on Virginia lawmakers to support the expiration of Bush-era tax cuts in the hopes that additional revenue could stave off cuts to social spending.
If the government goes over the "fiscal cliff," millions of households could see tax increases because of an obscure part of the tax code, known as the Alternative Minimum Tax. Host Michel Martin talks with NPR Business Editor Marilyn Geewax about exactly what could happen and who would be affected.
One group that's picking up the pieces after the election is the Tea Party. Host Michel Martin talks to Tea Party Patriots' Shelby Blakely about what went wrong, and what's next for Tea Party activists.
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