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GOP issues new 'fiscal cliff' offer to Obama



Published: Mon, December 3, 2012 @ 7:51 p.m.

WASHINGTON (AP) — House Republicans put forth a $2.2 trillion "fiscal cliff" counteroffer to President Barack Obama today, calling for raising the eligibility age for Medicare, lowering cost-of-living hikes for Social Security benefits and bringing in $800 billion in higher tax revenue — but not raising rates for the wealthy.

The White House declared the Republicans still weren't ready to "get serious" and again vowed tax-rate increases will be in any measure Obama signs to prevent the government from the cliff's automatic tax hikes and sharp spending cuts. Administration officials also hardened their insistence that Obama is willing to take the nation over the cliff rather than give in to Republicans and extend the tax cuts for upper-income earners.

With the clock ticking toward the year-end deadline, House Speaker John Boehner, R-Ohio, and other Republicans said they were proposing a "reasonable solution" for negotiations that Boehner says have been going nowhere. Today's proposal came in response to Obama's plan last week to raise taxes by $1.6 trillion over the coming decade but largely exempt Medicare and Social Security from budget cuts.

Though the GOP plan proposes to raise $800 billion in higher tax revenue over the same 10 years, it would keep the Bush-era tax cuts — including those for wealthier earners targeted by Obama — in place for now. Dismissing the idea of raising any tax rates, the Republicans said the new revenue would come from closing loopholes and deductions while lowering rates.

Boehner called that a "credible plan" and said he hoped the administration would "respond in a timely and responsible way." The offer came after the administration urged Republicans to detail their proposal to cut popular benefit programs like Medicare, Social Security and Medicaid.


Comments

1Wapiti(139 comments)posted 1 year, 9 months ago

Leave it to the gop to take from those that can't afford it, and give to those that don't need it.

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276Ytown(1233 comments)posted 1 year, 9 months ago

Our house is on FIRE people!!! Where is the leadership in the country? Oh yeah, golf with Clinton, and on the 16th he'll begin his 3 week vacation in Hawaii.

This article has no mention of what the President has on the table. This stand-off of hoping that taxing the rich is the answer. We've already said...taxing wealth at 100% would fund the government for only 2 1/2 months. Obama is still talking about increases in spending not cuts in spending! Amazing!

Our national debt clock is over SIXTEEN TRILLION DOLLARS. Simply, we're spending more than we take in. We're adding $1 million per MINUTE to our deficit spending $1 TRILLION more than we take in. We borrow 40 cents of every dollar we spend. Interest rates are their lowest in history when the rates on our short term loans go up...we're screwed!

How much is a trillion dollars?
There are 1000 MILLIONS in a billion
There are 1000 BILLIONS in a trillion
There are one MILLION MILLIONS in a trillion

http://www.usdebtclock.org/

We are currently at a debt of $51,872 per citizen , $142, 250 per taxpayer of the national debt...not personal debt. Our personal debt of $50,324 per person is less than what we owe as a national debt.

These numbers are mind-numbing!

Does our president think the American people are stupid. Apparently so, because he's still thinking that taxing the rich is going to solve this problem. It's going to take serious budget CUTS and serious changes in tax revenue. Don't be fooled. We are all going to pay.

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