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Article updated: 12/12/2012 9:32 AM

Fiscal cliff talks intensify; Obama and Boehner speak

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House Speaker John Boehner of Ohio leaves his office and walks to the House floor to deliver remarks about negotiations with President Obama on the fiscal cliff, on Capitol Hill in Washington.

Associated Press

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Despite an intensifying pace, little progress is being reported in talks on averting automatic spending cuts and tax increases that economists fear could send the U.S. economy off a "fiscal cliff." House Speaker John Boehner and President Barack Obama spoke on the phone Tuesday, a day after the president offered to reduce his initial demand for $1.6 trillion in higher tax revenue over a decade to $1.4 trillion. But Obama continued to insist that much of the revenue come from raising top tax rates on the wealthy.
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