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Obama Floats New 'Fiscal Cliff' Offer to Boehner

An update on the current "fiscal cliff" negotiations:

BoehnerThe White House plan would permanently extend Bush-era tax cuts on household incomes below $400,000, meaning that only the top tax bracket, 35 percent, would increase to 39.6 percent. The current cutoff between the top rate and the next highest rate, 33 percent, is $388,350.

On spending, the two sides are also converging.

The White House says the president’s plan would cut spending by $1.22 trillion over 10 years, compared with $1.2 trillion in cuts from the Republicans’ initial offer. Of that, $800 billion is cuts to programs, and $122 billion comes from adopting a new measure of inflation that slows the growth of government benefits, especially Social Security. The White House is also counting on $290 billion in savings from lower interest costs on a reduced national debt.

Meanwhile, a new poll on voter sentiment about the negotiations is out:

Only 17 percent of Americans approve of how the GOP is handling negotiations, while 69 percent disapprove, according to a new CBS News poll. Fifty percent disapprove of how Obama and congressional Democrats are negotiating, while 38 percent approve.

Half of Americans think Congress and the president will reach a deal to avert the cliff, which amounts to a package of widespread tax increases and deep spending cuts that will go into effect at the beginning of 2013. Forty-four percent think a deal probably won’t be reached.

An overwhelming majority of Americans — 69 percent — continue to support raising taxes on all income above $250,000 a year, with even a majority of Republicans supporting such a deal. Only 45 percent support reducing government benefits “for people like you,” with 48 percent opposed.

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Comments

  1. Whatever figure it becomes, just remember that it's AFTER deductions, exemptions, and offsetting losses. And still no cap on mortgage interest deductions (which wouldn't impact the true middle class, who buy reasonable houses), but there's still a high threshold on medical cost deductiblity (which potentially affects everyone, but seldom benefits the wealthy).

    Boehner is crying in the photo above because he can't F-ing believe the deal he's getting for his owners -- er, uh, campaign contributors.

    Posted by: Anastasia Beaverhausen | Dec 18, 2012 9:16:31 AM


  2. Tell me again just what is it that the Republicans are compromising on in this "deal"?

    The president moves from $250,000 to $400,000. Who knows if the rate will be 39.6% or the 37% floated last week. The President offers up cuts to SS and Medicare. The President gives up on Payroll tax extension.

    Boehner offers what? Oh yeah, NOTHING. He offers to let rates go up on those over $400,000 instead of the rate increase on everyone that would happen automatically on Jan 1.

    What a tough negotiator Obama is. Boehner must really be feeling the pressure on this.

    Posted by: anonymous | Dec 18, 2012 10:11:28 AM


  3. Really $ 400 K? All of us poor slobs making around $ 50K(the vast majority of Americans) or less should be on the congress door steps with torches and pitchforks!

    Posted by: Tom in long beach | Dec 18, 2012 10:25:19 AM


  4. Bend over and spread 'em, boys and girls.

    Obama is going to screw us all.

    I say that as someone who has supported (and forgiven) Obama in the past.

    But he is going to practically give everything the Republicans wanted in the first place.

    The middle-class, the working class, the elderly, the poor--screw city.

    A pox on all their houses, Republican and Democrat alike.

    Posted by: mikeinqueens | Dec 18, 2012 11:17:56 AM


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