Boehner's proposal would allow tax rates for the wealthiest Americans to return to Clinton-era levels. (Creative Commons)

With a little over two weeks before $600 billion in automatic tax hikes and spending cuts are scheduled to kick in, time is slipping for Democrats and Republicans to reach a deal.

More from Reuters:

A source familiar with the Obama-Boehner talks confirmed that Boehner proposed extending low tax rates for everyone who has less than $1 million in net annual income, meaning tax rates would rise on all above that line.

Under current law, the 36 percent top tax rate is scheduled to expire on January 1, and would automatically go to 39.6 percent. Boehner's proposal would allow that rate to rise as scheduled at a threshold of $1 million - putting it back to where it was during the Clinton administration.

But the steps toward getting a deal done also center around Republican demands to cut spending on social programs. Many GOP lawmakers want to raise the eligibility age for Medicare to 67 from 65. The pace of negotiations could speed up next week as House Republicans have been told to prepare for weekend meetings that could interrupt Christmas holiday travel plans.

Read the full story at Reuters. Follow more Neon Tommy coverage of the fiscal cliff here.

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