Updated at 7:00 pm ET
Republicans sent a response this afternoon to President Obama’s proposal for massive tax increases to avoid the fiscal cliff, outlining a plan that provides $800 billion in tax hikes – half of what Obama proposed – and $1.4 trillion in spending cuts and benefit reductions.
Republicans appear to have thumbed their noses, for the time being, at Obama’s demand that tax rates increase, forwarding a proposal that actually reduces the top rate while finding revenues through reductions in loopholes and deductions.
Meanwhile, the GOP plan tackles entitlements to a far greater degree that Obama would:
According to the Washington Post:
The plan also seeks $600 billion in health savings. One option, GOP aides said, would be raising the Medicare eligibility age from 65 to 67. It also includes $300 billion in savings from other mandatory programs, such as farm subsidies. And it would save $200 billion by applying a less generous measure of inflation government wide, including to Social Security benefits, which would rise more slowly as a result.
The GOP plan also seeks another $300 billion in cuts to agency budgets on top of the $1 trillion in cuts already enacted. All told, it would produce $2.2 trillion in new savings, or $4.6 trillion when measured against the same yardstick as the president’s proposal.
{ 23 comments… read them below or add one }
Any deal, without some very restrictive handcuffs on the total amount the government can spend, is absolutely ludicrous – if we don’t, then we’ll just be back in the same spot 2 years from now, but this time talking about just bigger numbers.
I have never witness such immaturity from people who have great responsibilities who are supposed to be adults. Apparently, “problem-solving” was not on the job application for anyone to work in Washington.
We certainly have taxation without representation. I am thoroughly and officially ticked off. Truth is- they’re thieves in nice suits and we’ve paid for their suits and now they want a new wardrobe, too.
I am still waiting for the definitive meaning of “Fairness”.
Fairness- We continue to soak the rich, defined as anyone earning 200% above poverty level, and give that money away any way we can to those who vote for us.
I am not rich, nor upper middle class either, but realize taking more from the top 1% or even 5% is unlikely to make either mine, or my childrens life any better.
$200k and $250k is a key number…
What is the salary of a US Congressman $174k
Salary of Cabinet Level Officials $197k
White House Officials or Deputy Secty $177k
Senate and House Leaders $193k
VP $227k
Hmmm, they are all under $200 single or $250 married.
Wouldn’t it be “FAIR” to take more from them? No?
Yes, it would also be fair to hack their salaries and benefits as has occured in the dreaded private sector at least until they get the buget back on track
Maybe this?
http://wordsmatter2012.com/video_posts/obamas-definition-of-fairness/
The people who have to pay twice are not getting any breaks at all. I think it sucks that they gave our tax money away and now we got to pay it again. it’s bullshit.
Speaker Bohenr and those corrupt DC Republicans will screw this up and cave into the Dear Leader Obama’s decrees…
DO.NOT.TRUST.THEM.
Just heard the Republicans are such cowards they are considering some “Doomsday plan”. In one of the plans the House brings up some tax extension just for the so-called middle class that Reid has already passed in the Senate and votes “present” on the bill.
These jackwagons on both sides of the aisle want to kick the can – the size of a tank by now – down the road until January when they can fight over the debt ceiling all over again. A pox on all you politicians who think you are fooling us. Each and every one of you Republicans who vote for this are nothing more than yellow-bellied cowards who would rather sell out your country than interrupt your Christmas vacation plans. Hope Blubbering Boehner enjoys bending his elbow with the rest of the crooks at tonight’s Christmas Ball.
amen.
Here Here! Has it ever been more obvious how much the hacks enjoy the trappings of the office instead of the commitment to the country. It is a travesty, and lacking a true leader in the WH I feel it will get only worse before it gets better.
Yep, they will all roll over for Zero. Bunch of wimps
Boehner has just kicked some conservatives off the Budget Committees!
Heard Timothy Geitner on Fox this morning — so patronizing.
“include asking the wealthiest to pay higher rates.”………Does this include Obama?
dont forget those 100 millionaires in the US Senate.
Obama is “not willing to compromise on the principles of fairness and balance that include asking the wealthiest to pay higher rates.” – nothing but a broken recording from the WH. Mr.O has no idea what “fairness” is.
Obama does not compromise, it’s his way or the highway. Give him his tax increase, spending cuts and sequestration and ram it up his ass.
Why the GOP is recommending tax hikes it beyond me. I wish they would walk away and let it all crash now.
So why don’t we just stop giving money to other countries for once? Why don’t both houses take a pay cut?? Any person with a brain could go in there and cut away. I would love to see Dave Ramsey in charge of it!
If the subsidy on milk goes away, expect your gallon of milk to double. We have a dairyman in our area who spends $1M EACH MONTH just on feed. Don’t expect your local dairyman to go bankrupt so you can have cheap milk.
Why bother?
They will reject anything presented to them.
Cry baby Boehner will cave and they know it.