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The expiration of the 2001 and 2003 tax cuts has been looming for much of the past decade, and with exactly one month to go before the Congressional session ends, negotiators held their first formal talks Wednesday on how to deal with the situation.

They emerged after about 90 minutes using words like “cordial” and “productive.” But by all accounts they were nowhere near a settlement.

If Congress fails to act, the lower rates end for everyone — an outcome neither Democrats nor Republicans want.

But for now the stalemate persists.

Top negotiators, including Senators Max Baucus, Democrat of Montana, and Jon Kyl, Republican of Arizona, would not tip their hands. But it’s clear Republicans want to extend all of the lower rates, while also permanently eliminating the estate tax. Senior Democratic leaders hope to let the lower rates expire on income above $250,000 for couples and $200,000 for individuals. Other Democrats have proposed raising the threshold to $1 million.

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