Political Headlines December 16, 2012: In Fiscal Cliff Talks, Speaker John Boehner Gives on Some Higher Rates in Exchange for Entitlement Cuts

POLITICAL HEADLINES

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OBAMA PRESIDENCY & THE 112TH CONGRESS:

THE HEADLINES….

In Fiscal Cliff Talks, Boehner Gives on Some Higher Rates in Exchange for Entitlement Cuts

Source: ABC News Radio, 12-16-12

MANDEL NGAN/AFP/Getty Imags

Sources familiar with negotiations say that in a phone call on Friday afternoon House Speaker John Boehner, R-Ohio, offered President Obama a deal including letting tax rates expire for those who make over $1 million a year, contingent upon significant entitlement spending cuts and reforms.

One specific example would be savings achieved by slowing the growth of Social Security.

Essentially Boehner offered $1 trillion in revenue over ten years, and somewhere between $1 trillion and $1.2 trillion in spending cuts….READ MORE

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