US lawmakers voice new confidence in deficit deal

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SummaryThe leader of the House, Speaker John Boehner, said Republicans are willing to consider increased revenue.

Under current law, tax cuts that took effect more than a decade ago will expire at all income levels at the end of the year, as will Bush-era reductions for investors, married couples, families with children and others. The 2 percent payroll tax cut would end, and an additional 26 million taxpayers would come under the alternative minimum tax.  

As well, the defense budget would be cut by $55 billion, and domestic programs would incur a reduction of the same size.

Unemployment benefits for some of the longest-term jobless also expire at the end of the year.

Boehner has said previously that any agreement should include an increase in the national debt limit, now $16.4 trillion. The Treasury is expected to hit that cap sometime in the next few months.

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