Washington was quiet this week. Both houses of Congress are adjourned for the Thanksgiving holiday recess. Members of Congress will return to start working on the tax and budget bills on November 26.

Aides for leaders of both parties met to discuss various options. The different strategies for increasing taxes on individuals with upper incomes and the various options for limiting the growth of spending were studied. Aides will discuss options with Members of Congress when they return.

Speaker John Boehner (R-OH) continues to hope that a compromise and a "framework" for a larger tax and budget reform in 2013 can be completed. He has expressed a willingness to consider revenue increases if accompanied by appropriate budget changes.

One of the topics discussed in the Washington meetings is the extension of alternative minimum tax (AMT) exemptions and various tax extenders. House Ways and Means Chair Dave Camp (R-MI) suggested that there would not be separate bills for the AMT exemption and the tax extenders. Rather, these provisions must be included in the comprehensive tax and budget bill designed to address the upcoming fiscal cliff. Camp stated, "Again, I don't think that will move alone. But I do hope that we'll address the extenders issues before the end of the year."

The White House and leaders of Congress hope to have a legislative framework completed by December 1.

Editor's Note: It is now clear that AMT and the tax extenders will be part of one comprehensive tax and budget bill. It is too difficult to move multiple bills through the Senate this late in the year. While it is still a long way to agreement, both the White House and leaders in Congress appear to be committed to moving forward in this process.