Boehner floats possible deal with no tax hikes, but White House stands firm
Our second story OutFront: a decent proposal?
After laughing off the president's proposal to avoid the fiscal cliff last week, House Speaker John Boehner today put out his own terms for a deal, which he says adds up to $2.2 trillion in savings.
Boehner's deal includes $800 billion in savings from tax reform, which involves closing "special interest loopholes and deductions" but not raising rates; $600 billion in so-called "health savings," which includes changes to Medicare; $300 billion other mandatory savings; and $300 billion in further discretionary savings.
But since there are no tax hikes on the wealthy, the White House rejected the plan outright today, dismissing the plan as "not serious" and "nothing new." Is the country doomed to plunge off the fiscal cliff? Outfront tonight is Republican Senator Tom Coburn of Oklahoma, a man who has been called one of the keys to reaching a real deal.
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Can any one explain why Barack O is so determined to raise tax rates as opposed to using other means (such as taking away exemptions, limiting deductions etc) as a way to get more money from the wealthy of our country? It seems to me either approach can work and if done properly could generate equal sources of additional revenue.
If the Repubs can't buy into tax rate hikes, why not put an alternative on the table?