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Obama threatens to veto fiscal cliff deal because it excludes some taxes

Posted at 7:27 AM, Dec 20, 2012
and last updated 2012-12-20 07:32:48-05

Lawmakers are playing Deal or No Deal in Washington, D.C.

President Barack Obama is now threatening to veto a Republican bill that House members will vote on today.

It calls for taxing households that earn more than $1 million, but the president wants increased taxes on those making $400,000 a year.

If a deal isn’t reach in the next two weeks, spending cuts and increased taxes will kick in.