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Obama, Boehner close gap on fiscal cliff deal, eye trillion-dollar tax hike

Posted By admin On December 18, 2012 @ 6:52 am In Money Watch | Comments Disabled

Neil Munro
Daily Caller [1]
December 18, 2012

White House and congressional sources are reporting movement towards a jagged bundle of tax hikes and spending cuts that would avert January’s fiscal cliff.

But the deal may fall apart, partly because it calls for substantial sacrifices by each political faction.

It also may be insufficient to head off a financial crisis in the next few years, because it would still increase the federal government’s $16.3 trillion debt by up to another $7 trillion over the next 10 years.

The latest turn in the negotiations came Monday afternoon, when President Barack Obama offered House Speaker John Boehner a 10-year plan that boosts the federal government’s take of the national economy by roughly $1.3 trillion, while trimming spending by only $930 billion, according to GOP aides.

White House aides say the plan would increase taxes by $1.2 trillion, and cut spending by $1.2 trillion.

Full article here [1]

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URLs in this post:

[1] Daily Caller: http://dailycaller.com/2012/12/18/obama-boehner-close-gap-on-fiscal-cliff-deal-eye-trillion-dollar-tax-hike/

[2] Fiscal cliff talks: Speaker John Boehner pitches millionaire tax hike: http://www.prisonplanet.com/fiscal-cliff-talks-speaker-john-boehner-pitches-millionaire-tax-hike.html

[3] 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

[4] 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

[5] The Good, The Bad And The Ugly From The Fiscal Cliff Deal: http://www.prisonplanet.com/the-good-the-bad-and-the-ugly-from-the-fiscal-cliff-deal.html

[6] The Fiscal Cliff Deal: Taxpayers Pay More, Deficits Rise: http://www.prisonplanet.com/the-fiscal-cliff-deal-taxpayers-pay-more-deficits-rise.html

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