Inside the talks: Fiscal framework emerges

Politico reports Inside the talks: Fiscal framework emerges

"But behind the scenes, top officials who have been involved in the talks for many months say the contours of a deal — including the size of tax hikes and spending cuts it will most likely contain — are starting to take shape.

Cut through the fog, and here’s what to expect: Taxes will go up just shy of $1.2 trillion — the middle ground of what President Barack Obama wants and what Republicans say they could stomach. Entitlement programs, mainly Medicare, will be cut by no less than $400 billion — and perhaps a lot more, to get Republicans to swallow those tax hikes. There will be at least $1.2 trillion in spending cuts and “war savings.” And any final deal will come not by a group effort but in a private deal between two men: Obama and House Speaker John Boehner (R-Ohio). The two men had a 30-minute phone conversation Wednesday night — but the private lines of communications remain very much open."