Friday, November 30, 2012

GOP Rejects Obama Offer of $1.6 Trillion Tax Increase without cuts in spending

President Obama has yet to provide any spending cuts to deal with entitlements which are the driver of our financial woes.

President Barack Obama offered Republicans a $1.6 trillion tax increase, a $50 billion economic-stimulus program and the power to raise the federal debt limit without congressional approval as a his basis for talks to avoid looming tax increases and spending cuts.

But Congressional Republicans quickly and summarily rejected the idea, reports The Wall Street Journal.

House Speaker John Boehner earlier Thursday told reporters Obama must “get serious” about the fiscal cliff while adding he remained “hopeful” about talks aimed at averting more than $600 billion in spending cuts and tax increases.

Boehner, an Ohio Republican, told reporters earlier Thursday in Washington that there has been no substantial progress in talks between the White House and congressional leaders in the past few weeks.

“Listen. This is not a game. The American economy is on the line. This is a moment for adult leadership,” he said.

“Despite the claims that the president supports a balanced approach, the Democrats have yet to get serious about real spending cuts.’’

Unless there is a “serious” discussion of spending cuts, “there is a real danger of going off the fiscal cliff,” he said.

The Obama proposal was offered by Treasury Secretary Timothy Geithner as he met with Boehner and other top congressional leaders today.

It surmounted to an increase in tax rates on incomes over $250,000, a one-year postponement of looming spending cuts in defense and domestic programs, and some $400 billion in savings over 10 years from Medicare and other entitlement programs, according to the Journal.

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