U.S. Sen.-elect Tim Kaine saw the fiscal cliff negotiations between President Barack Obama and House Speaker John Boehner, R-Ohio, move his way Tuesday as Obama put forward his first serious compromise position.
Obama campaigned on and has long insisted that the President George W. Bush-era tax cuts expire on yearly incomes over $250,000. It was widely reported Tuesday that the resident has softened his position and put forward a plan that would allow the tax cuts to expire for incomes over $400,000.
Kaine, who campaigned on letting the cuts expire for annual incomes over $500,000, saw that as a victory for compromise.
"For more than a year I have called on Congress to find a balanced approach of cuts and revenues to help get our fiscal house in order," Kaine said ina press release Tuesday. "I am encouraged to see signs of progress in the negotiations between President Obama and Speaker Boehner, and while much work remains, I am glad to see the sides moving towards the compromise I have promoted on the Bush tax cuts. Neither side will get everything they want, but if Washington can put the country’s best interest first, they can pass a deal by year-end that will give the markets confidence, give our small businesses certainty, and provide a springboard for a long term solution."