(Image source: Bloomberg)

 

 

BY ZACH TOOMBS

 

 

House Republicans put forward on Monday a debt reduction plan which marked a significant departure from the GOP’s other recent budget proposals.

 

Monday’s plan to avoid the so-called “fiscal cliff” is the first with proposals for new revenue supported by Republicans other than just House Speaker John Boehner — a move to political middle ground that would bring in $800 billion through closing tax loopholes and deductions. [Video: ABC]

 

The Washington Post reports the plan also cuts heavily from health plans and opens the option of raising the age for Medicare benefits eligibility from 65 to 67.

 

Overall, Republicans are proposing $1.2 trillion in cuts. That’s compared to $350 billion in cuts as part of President Barack Obama’s latest plan. His debt reduction relies far more on new revenue — $1.6 trillion of it.

 

And, unlike the GOP’s new proposal, Obama’s is quite similar to his previous positions on the budget. Boehner referred to it as the president’s “la-la land offer,” saying the new plan from Republicans is a true bipartisan effort. [Video: The Telegraph]

 

"What we are putting forward is a credible plan that deserves serious consideration by the White House."

 

But White House Communications Chief Dan Pfeiffer calls it something else — a plan that "includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close.” [Image: Chicago Sun-Times]

 

Although the Republicans’ new offer looks a lot different from the yearly House budget crafted by Paul Ryan, it did get his stamp of approval, along with that of Majority Leader Eric Cantor. But the plan still doesn’t meet a key threshold for Democrats — ending the Bush-era tax cuts for top earners.

 

Treasury Secretary Timothy Geithner said this on CNN Sunday.

 

“What we’re not going to do is extend those tax cuts on the wealthiest Americans. Remember, those cost $1 trillion over 10 years.”

 

The House GOP plan is modeled on framework set up by Erskine Bowles of 2010’s Bowles-Simpson Commission. Politico writes the offer fulfills two big political goals for conservatives.

 

“It will remove the White House talking point that the GOP has no plan. Secondarily, the party is making public its desire to tweak entitlement programs like Medicare, which is more than the White House has been willing to do."

House GOP Puts Forward Debt Reduction 'Counteroffer'

by Zach Toombs
0
Transcript
Dec 3, 2012

House GOP Puts Forward Debt Reduction 'Counteroffer'

(Image source: Bloomberg)

 

 

BY ZACH TOOMBS

 

 

House Republicans put forward on Monday a debt reduction plan which marked a significant departure from the GOP’s other recent budget proposals.

 

Monday’s plan to avoid the so-called “fiscal cliff” is the first with proposals for new revenue supported by Republicans other than just House Speaker John Boehner — a move to political middle ground that would bring in $800 billion through closing tax loopholes and deductions. [Video: ABC]

 

The Washington Post reports the plan also cuts heavily from health plans and opens the option of raising the age for Medicare benefits eligibility from 65 to 67.

 

Overall, Republicans are proposing $1.2 trillion in cuts. That’s compared to $350 billion in cuts as part of President Barack Obama’s latest plan. His debt reduction relies far more on new revenue — $1.6 trillion of it.

 

And, unlike the GOP’s new proposal, Obama’s is quite similar to his previous positions on the budget. Boehner referred to it as the president’s “la-la land offer,” saying the new plan from Republicans is a true bipartisan effort. [Video: The Telegraph]

 

"What we are putting forward is a credible plan that deserves serious consideration by the White House."

 

But White House Communications Chief Dan Pfeiffer calls it something else — a plan that "includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close.” [Image: Chicago Sun-Times]

 

Although the Republicans’ new offer looks a lot different from the yearly House budget crafted by Paul Ryan, it did get his stamp of approval, along with that of Majority Leader Eric Cantor. But the plan still doesn’t meet a key threshold for Democrats — ending the Bush-era tax cuts for top earners.

 

Treasury Secretary Timothy Geithner said this on CNN Sunday.

 

“What we’re not going to do is extend those tax cuts on the wealthiest Americans. Remember, those cost $1 trillion over 10 years.”

 

The House GOP plan is modeled on framework set up by Erskine Bowles of 2010’s Bowles-Simpson Commission. Politico writes the offer fulfills two big political goals for conservatives.

 

“It will remove the White House talking point that the GOP has no plan. Secondarily, the party is making public its desire to tweak entitlement programs like Medicare, which is more than the White House has been willing to do."

View More
Comments
Newsy
www2