(Image source: The White House)


BY CHRISTINA HARTMAN


$1.6 trillion in tax increases, and $400 billion in spending cuts.

That’s the offer House Republicans say they rejected from the Obama administration. But that isn’t how The White House is describing its offer to avoid the looming so-called “fiscal cliff.”

WUSA: “$4 trillion in deficit reduction for ten years. 1.6 trillion will come from higher taxes on wealthier Americans.”  

So it seems the offer’s in the eye of the beholder.

The key players are the same as they were last year — when lawmakers ended up imposing the upcoming January 1st deadline on themselves.

The goal? To come up with a palatable deal to reduce the deficit. If they don’t? Painful, across-the-board spending cuts will kick in — cuts paired with the expiration of the Bush-era tax cuts that together economists say could push the country back toward recession. But the “how” has both sides pretty firmly entrenched.

VIA MSNBC: “Republicans know at the end of the day that revenues have to be raised. ... The people have spoken. Over 65% of the American people agree with the president.”

STUART VARNEY, FOX BUSINESS: “They don't know that tax increases result in a less healthy economy. And they want tax increases because they're neo socialists.”

Where both sides agree: no one is calling for raising taxes on the middle class. But Democrats say the federal government needs more revenue, and they’re turning to Americans who make more than $250,000 a year, saying they could afford a tax increase. But Republicans maintain that’s a no-go.

Friday President Obama called that position “unacceptable.” That as House Speaker John Boehner said the negotiations had hit a stalemate.

Those automatic spending cuts and the expiration of the Bush-era tax cuts are set to kick in January 1st unless lawmakers come up with a deal.

Fiscal Cliff Stalemate? House GOP Rejects Obama Offer

by Christina Hartman
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Transcript
Nov 30, 2012

Fiscal Cliff Stalemate? House GOP Rejects Obama Offer

(Image source: The White House)


BY CHRISTINA HARTMAN


$1.6 trillion in tax increases, and $400 billion in spending cuts.

That’s the offer House Republicans say they rejected from the Obama administration. But that isn’t how The White House is describing its offer to avoid the looming so-called “fiscal cliff.”

WUSA: “$4 trillion in deficit reduction for ten years. 1.6 trillion will come from higher taxes on wealthier Americans.”  

So it seems the offer’s in the eye of the beholder.

The key players are the same as they were last year — when lawmakers ended up imposing the upcoming January 1st deadline on themselves.

The goal? To come up with a palatable deal to reduce the deficit. If they don’t? Painful, across-the-board spending cuts will kick in — cuts paired with the expiration of the Bush-era tax cuts that together economists say could push the country back toward recession. But the “how” has both sides pretty firmly entrenched.

VIA MSNBC: “Republicans know at the end of the day that revenues have to be raised. ... The people have spoken. Over 65% of the American people agree with the president.”

STUART VARNEY, FOX BUSINESS: “They don't know that tax increases result in a less healthy economy. And they want tax increases because they're neo socialists.”

Where both sides agree: no one is calling for raising taxes on the middle class. But Democrats say the federal government needs more revenue, and they’re turning to Americans who make more than $250,000 a year, saying they could afford a tax increase. But Republicans maintain that’s a no-go.

Friday President Obama called that position “unacceptable.” That as House Speaker John Boehner said the negotiations had hit a stalemate.

Those automatic spending cuts and the expiration of the Bush-era tax cuts are set to kick in January 1st unless lawmakers come up with a deal.

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