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There is a basis for a deal in Congress to solve fiscal cliff

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There is a basis for a deal in Congress to solve fiscal cliff

Wall Street Journal, 11-11-12, p. http://online.wsj.com/article/SB10001424127887324894104578113022312251756.html
The Senate Budget Committee chairman and a leading Senate Republican said Sunday they believed there was the basis for a deal in Congress to avoid the "fiscal cliff," but that key details remained unresolved.

Senate Budget Committee Chairman Kent Conrad (D., N.D.) said on Fox News Sunday there is "absolutely" the basis for a deal. But he also said Congress should have a "backstop" plan that would go into effect in case lawmakers don't reach a deal.

Last August, President Obama and Congress put the U.S. economy on course to go over a "fiscal cliff." With the 2012 presidential election decided, WSJ's David Wessel tells you everything you need to know about the "cliff" but were afraid to ask.

Sen. Bob Corker (R., Tenn.) said on the program he believed that a deal would be reached to avoid the barrage of tax increases and spending cuts set to begin Jan. 1. " I think there's the basis for the deal," Mr. Corker said. But he said the key would be including measures for "true entitlement reform," particularly on Medicare. "The key to solving this is Medicare reform," Mr. Corker said.

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