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S&P 500 Pares Loss on Report Obama Has Scaled-Back Budget Plan

U.S. stocks pared losses as President Barack Obama was said to plan to offer a scaled-back budget package at a meeting with lawmakers today.

The Standard & Poor’s 500 Index was down less than 0.3 percent at 1,414.29 at 10:46 a.m. in New York after earlier slipping more than 0.8 percent.

At a White House meeting today, Obama will offer a scaled-back package to avoid the fiscal cliff, an unidentified Democratic aide told Bloomberg.

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