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McConnell ‘Burst Into Laughter’ as Geithner Outlined Obama’s Plan
Posted By admin On November 29, 2012 @ 8:55 pm In Featured Stories | Comments Disabled
The Weekly Standard 
November 29, 2012
Mitch McConnell, the Senate Republican leader, says he “burst into laughter” Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff. He wasn’t trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts.
Geithner’s visit to his office left McConnell discouraged about reaching a “balanced” deal on tax hikes and spending reductions designed to prevent a shock to the economy in January. “Nothing good is happening” in the negotiations, McConnell says, because of Obama’s insistence on tax rate hikes for the wealthy but unwillingness to embrace serious spending cuts.
Geithner suggested $1.6 trillion in tax increases, McConnell says, but showed “minimal or no interest” in spending cuts. When congressional leaders went to the White House three days after the election, Obama talked of possible curbs on the explosive growth of food stamps and Social Security disability payments. But since Geithner didn’t mention them, those reductions appear to be off the table now, McConnell says.
Obama is pushing to raise the tax rates on couples earning more than $250,000 and individuals earning more than $200,000. But those wouldn’t produce revenues anywhere near $1.6 trillion over a decade.
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URLs in this post:
 The Weekly Standard: http://www.weeklystandard.com/blogs/mcconnell-burst-laughter-geithner-outlined-obamas-plan_664210.html
 Geithner as Buzz Lightyear on National Debt: To Infinity, and Beyond: http://www.prisonplanet.com/geithner-as-buzz-lightyear-on-national-debt-to-infinity-and-beyond.html
 Fiscal Cliff Deal: $1 In Spending Cuts For Every $41 In Tax Increases: http://www.prisonplanet.com/fiscal-cliff-deal-1-in-spending-cuts-for-every-41-in-tax-increases.html
 Paul, Lee, Rubio Vote No on ‘Fiscal Cliff’ Deal that Hikes Taxes, Puts Off Spending Cuts: http://www.prisonplanet.com/paul-lee-rubio-vote-no-on-fiscal-cliff-deal-that-hikes-taxes-puts-off-spending-cuts.html
 Geithner defends Obama as deficit again tops $1 trillion: http://www.prisonplanet.com/geithner-defends-obama-as-deficit-again-tops-1-trillion.html
 Geithner Says Obama Economic Plan Will Come in Next Few Weeks: http://www.prisonplanet.com/geithner-says-obama-economic-plan-will-come-in-next-few-weeks.html
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