Political Headlines December 3, 2012: Speaker John Boehner Counters Barack Obama Deficit-Cutting Deal With ‘Credible Plan’





Boehner Counters Obama Deficit-Cutting Deal With ‘Credible Plan’

Source: ABC News Radio, 12-11-12

Chris Maddaloni/CQ-Roll Call


House Speaker John Boehner on Monday sent President Obama a counter-proposal on how to cut the deficit that he called a “credible plan” to break the stalemate in negotiations to keep the country from going off the “fiscal cliff.”

In the plan, Republicans offer a total of $2.2 trillion in deficit reduction over the next decade. That would give lawmakers enough savings to off-set $1.2 trillion in automatic cuts set to take effect Jan. 2, 2013, but senior Republican aides said it does not explicitly include an offer to address the standoff over whether the president or Congress should have power over debt limit increases. The GOP deal offers $800 billion in new revenue through tax reform, but Boehner insist that tax rates should not go up on the top 2 percent of taxpayers….READ MORE

White House communications director Dan Pfeiffer issued the following statement Monday afternoon, saying the GOP proposal does not “meet the test of balance.”

The Republican letter released today does not meet the test of balance. In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Their plan includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close or which Medicare savings they would achieve. Independent analysts who have looked at plans like this one have concluded that middle class taxes will have to go up to pay for lower rates for millionaires and billionaires.  While the President is willing to compromise to get a significant, balanced deal and believes that compromise is readily available to Congress, he is not willing to compromise on the principles of fairness and balance that include asking the wealthiest to pay higher rates.  President Obama believes – and the American people agree – that the economy works best when it is grown from the middle out, not from the top down.  Until the Republicans in Congress are willing to get serious about asking the wealthiest to pay slightly higher tax rates, we won’t be able to achieve a significant, balanced approach to reduce our deficit our nation needs.

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