Wednesday, November 14, 2012

Obama to open ‘fiscal cliff’ talks with call for $1.6 Trillion in new revenues!

The Hill ^ | 11/14/2012 | Daniel Strauss

President Obama is taking a tough opening stance in talks over deficit reduction, pushing Republicans to accept a plan that calls for $1.6 trillion in new tax revenue over the next ten years, according to reports.

The figure is double the $800 billion last discussed by the White House and House Speaker Boehner (R-Ohio) during their 2011 negotiations on raising the debt-ceiling limit.

The president’s plan is based on his most recent budget proposal, which sought the $1.6 in new revenues by targeting the wealthy and corporations.

The president and congressional lawmakers are set to meet at the White House on Friday as both sides begin hammering out a deficit-cutting plan that helps the nation move past the “fiscal cliff” of rising tax rates and automatic spending cuts set to take effect in January 2013....

House Republicans on Wednesday were incredulous at the president's opening bid....
On Tuesday the president met privately with a number of union leaders and liberal activists to discuss his plan. In the meeting Obama reportedly promised to make good on his vow to renew low tax rates for the middle class and let them expire for wealthy households.

(Excerpt) Read more at thehill.com ...

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