As the battle continues in Washington over how to avert a default on the government’s debt obligations, the possibility of imminent tax increases seems to be fading.

The plans advanced Tuesday by House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, R-Nev., both avoid any immediate tax increases (see Obama and Boehner Present Dueling Debt Plans). The Boehner plan is reportedly being sent back to the drawing board for revisions after it fell flat with some of his fellow House Republicans in the wake of a Congresional Budget Office analysis. The CBO found that the plan would not cut spending anywhere near as much as originally advertised. Instead of slashing $1.2 trillion over 10 years, it would reduce the deficit by about $850 billion.

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