I haven't seen this diaried yet, so I decided to ;) This afternoon, Geithner submitted the White House proposal to the Republican leadership.
Not that it's a big surprise or anything, but apparently Boehner and McConnell are very disappointed that Obama didn't give them everything they wanted, since, you know, they won and all....
It contained a couple of things I like, like a $50B stimulus package and presidential authority to raise the debt limit.
Link below the fold....
The first serious proposals from the White House to solve the looming "fiscal cliff" of tax rises and budget cuts appear to have been rejected out of hand by Republican leaders in Congress.And here's an article with more details:
Treasury secretary Timothy Geithner is reported to have offered a set of proposals that include increasing tax rates on the wealthy, a one-year postponement of scheduled cuts in defence and domestic spending, and $400bn in savings from Medicare and other entitlement programmes.
The proposals from the White House – the first to use hard numbers – include a $1.6tn tax increase, a $50bn stimulus package and new presidential powers to raise the federal debt limit without congressional approval.
But based on public and private comments after their meetings, both House speaker John Boehner and Senate minority leader Mitch McConnell – the two most senior Republicans in Congress – brushed aside the proposals as incomplete.
GOP calls White House cliff offer a non-starter
The president's proposal includes a two-stage process that requests a legislative package before the end of the year that includes key provisions such as:In the article one Republican aide says that this is basically what Obama has proposed all along - that it would be equivalent to them simply re-proposing the Ryan budget.
$1.6 trillion in revenues, including $960 billion from raising the top marginal rates on wealthy Americans as well as higher taxes on capital gains and dividends and an additional $600 billion from unspecified revenue sources.
An extension of the Social Security payroll tax break and unemployment insurance benefits.
One-year deferral of "sequestration," the $1.2 trillion spending cuts over 10 years.
A multiyear stimulus package with at least $50 billion for the 2013 fiscal year.
A White House proposal to refinance underwater mortgages.
A permanent increase in the debt limit that would change current law, which requires congressional approval.
Well, no, it isn't. We Won. This isn't a 50/50 situation. We Won. You LOST. You do not get to propose your dream budget. WE DO.