Kevin Smith, a spokesman for House Speaker John Boehner (R., Ohio), dismissed the president's opening position for the negotiations. He said Mr. Boehner's proposal to revamp the tax code and entitlement programs is "consistent with the president's call for a 'balanced' approach."
Mr. Boehner hasn't specified a revenue target that would be his opening bid. He has said he would be willing to accept new tax revenues—not higher tax rates—if Democrats accept structural changes to entitlement programs, the ultimate source of the U.S.'s long-term budget woes.
The president's opening gambit, based on his 2013 budget proposal, signals Mr. Obama's intent to press his advantage on the heels of his re-election last week. However, before gathering at the White House with lawmakers on Friday, he will meet with chief executives of a dozen companies Wednesday. Many executives have aired concerns about the economic consequences of the looming "fiscal cliff"—and the risk of another standoff.
...
Speaking to reporters about Mr. Obama's plans for Friday's talks, White House spokesman Jay Carney said, "the president has put forward a very specific plan that will be what he brings to the table when he sits down with congressional leaders."
"We know what a truly balanced approach to our fiscal challenges looks like," said Mr. Carney, using Democrats' language to mean spending cuts combined with tax increases.
Republicans already have appeared willing to cut a deal that results in Americans paying more taxes if it averts the scheduled spending cuts and tax increases due to take effect at year-end.
"New revenue must be tied to genuine entitlement changes," Senate Minority Leader Mitch McConnell (R., Ky.) said Tuesday. "Republicans are offering bipartisan solutions and now it's the president's turn. He needs to bring his party to the table."
Source: Wall Street Journal
---
Economic Zealots Endanger Global Economy; IMF Hypocrites Urge Permanent US Can Kicking, Fiscal Stimulus, And Enormous Deficits
"FINANCIAL REPRESSION" Pension Funds Assess Investments In Government Debt
The Foreign Demand For US Treasurys Under Obama Is Declining & The Federal Reserve Is Picking Up The Slack
Federal Reserve Bank of New York: Staff Report No. 574 October 2012 - "The Forward Guidance Puzzle" Dynamic Stochastic General Equilibrium Model Predicts Explosive Inflation - The Outcome Is Hyperinflation
- SEE3772
- 11-13-2012, 10:18 PM
- theaustinescorts
- 11-13-2012, 11:04 PM
I'm for anything that will increase Federal revenues back to the traditional 19% of GNP instead of the 16% of GNP since the Bush cuts, the 15% capital gains tax, and the depression started.
We've got to get revenues up to the traditional level of the 19% that it's been since the 1950s.
It would be nice to reduce spending to the traditional level of 20% that it has been since the 1950s also, instead of the 22% it's been since these wars and depression drove it up by 2%.
I support Obama on this one.
We've got to get revenues up to the traditional level of the 19% that it's been since the 1950s.
It would be nice to reduce spending to the traditional level of 20% that it has been since the 1950s also, instead of the 22% it's been since these wars and depression drove it up by 2%.
I support Obama on this one.