So much for the fiscal cliff . . .

CNN reports that President Barack Obama, often portrayed as holding all the cards in his negotiations with the Republicans, has begun blinking big-time:

The White House proposal would leave lower tax rates in place for everyone except those earning $400,000 or more a year. Republican leaders had asked for a higher limit but the offer suggests there is a narrowing in the gap between the two sides.

A person familiar with the talks also said Mr Obama was no longer seeking a permanent mechanism to increase the US debt limit, but would settle for a two-year increase in America's borrowing authority. In a further concession to Republicans, Mr Obama agreed to apply a less generous measure of inflation to government calculation, which would result in lower benefits in the Social Security pension scheme over time, the person added.

I'm wondering just why my progressive friends thought he was going to hang tough . . . this time.

Charlie Brown. Lucy. Football.

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