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Thread: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

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    GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    House Republican leaders on Monday made a counteroffer to President Obama in the fiscal cliff negotiations, proposing to cut $2.2 trillion with a combination of spending cuts, entitlement reforms and $800 billion in new tax revenue...

    Republican officials said the offer was based on a proposal outlined by Erskine Bowles, the former chief of staff to President Clinton, in testimony last year before the congressional “supercommittee” on deficit reduction. That offer is distinct from the widely-cited Simpson-Bowles deficit plan released two years ago....

    The Republican counteroffer does not include an increase in the debt ceiling, but a GOP aide said the party remained open to negotiating additional borrowing authority for the Treasury before the end of the year. The nation is expected to reach its borrowing limit by mid-February at the latest.
    Republican officials said their offer amounted to $4.6 trillion in deficit reduction when compared directly to the White House offer, which they emphasized was more than what the White House had put on the table.


    In its own deficit plan, the White House counts legislation that has already been enacted, savings from future interest on the debt, and savings from the end of the wars in Iraq and Afghanistan. Republicans do not count those as new savings, so their offer amounts to $2.2 trillion in future deficit reduction....
    Worth noting - that $800 Bn is the amount that the CBO said we would get from repealing the Bush tax cuts on upper income earners.

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by cpwill View Post
    Worth noting - that $800 Bn is the amount that the CBO said we would get from repealing the Bush tax cuts on upper income earners.
    The letter outlining the proposal can be found here:

    http://www.speaker.gov/sites/speaker..._wh_121203.pdf

    It essentially offers the 2012 House Budget Proposal (Fiscal Year 2012 Budget | Budget.House.Gov "Ryan budget"--coupled with the concept of the tax reform offered in the Bowles-Simpson report.

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by cpwill View Post
    Worth noting - that $800 Bn is the amount that the CBO said we would get from repealing the Bush tax cuts on upper income earners.
    If we can believe the CBO as they can only score figures they are given. If it is true, then that means taxes will be raised on everyone., which Obama said he would not raise taxes on the middle class, of course that's a lie too...but just sayin'
    If it sounds like Marx and acts like Stalin...it must be Obama

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    I think we've been waiting for those 2.5 dollars in spending cuts for 1 dollar of spending since Bushy 1. Hasn't happened yet and it won't happen now. If Obama does not deal he wins it all and can blame it on the Republicans. No deal and Obama gets tax hikes on everyone, Bush tax cuts gone, and most likely the debt ceiling will disappear.
    If it sounds like Marx and acts like Stalin...it must be Obama

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by cpwill View Post
    Worth noting - that $800 Bn is the amount that the CBO said we would get from repealing the Bush tax cuts on upper income earners.
    Your article from the Hill also included excerpts that I would like Speaker John Boehner to elucidate:

    Quote Originally Posted by Russell Berman from The Hill
    ...In its own deficit plan, the White House counts legislation that has already been enacted, savings from future interest on the debt and savings from the end of the wars in Iraq and Afghanistan. Republicans do not count those as new savings, so their offer amounts to $2.2 trillion in future deficit reduction....

    ...The $800 billion in new tax revenue matches what Boehner offered Obama during their 2011 negotiations for a grand bargain. Republicans are keeping to their opposition to tax rate increases, and aides said Monday they believe that $800 billion can be raised from the wealthy through other means, which their offer does not specify...

    ...Pfeiffer faulted the GOP for raising rates on the wealthy and sticking the middle class with the bill....

    ..."Their plan includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close or which Medicare savings they would achieve," Pfeiffer said." While the President is willing to compromise to get a significant, balanced deal and believes that compromise is readily available to Congress, he is not willing to compromise on the principles of fairness and balance that include asking the wealthiest to pay higher rates...."
    "The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations." `Thomas Jefferson

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by donsutherland1 View Post
    The letter outlining the proposal can be found here:

    http://www.speaker.gov/sites/speaker..._wh_121203.pdf

    It essentially offers the 2012 House Budget Proposal (Fiscal Year 2012 Budget | Budget.House.Gov "Ryan budget"--coupled with the concept of the tax reform offered in the Bowles-Simpson report.
    What a joke. Just more fictional deduction cuts that rich people can't use anyway due to AMT.

    It's clear the GOP isn't serious. All they care about is preserving tax cuts for billionaires and making sure working Americans pay higher taxes and get less services.

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by cpwill View Post
    Worth noting - that $800 Bn is the amount that the CBO said we would get from repealing the Bush tax cuts on upper income earners.
    The difference being the Democrat's plan asks more of the rich as opposed to the GOP's plan to ask more of the middle class and seniors.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by Rapunzel52 View Post
    If we can believe the CBO as they can only score figures they are given. If it is true, then that means taxes will be raised on everyone., which Obama said he would not raise taxes on the middle class, of course that's a lie too...but just sayin'
    No... its a tax rate increase AND a limitation on deductions to upper income earners. It is the same number the Cons are supporting, except the Cons do not want the tax rate increase.

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Quote Originally Posted by head of joaquin View Post
    What a joke. Just more fictional deduction cuts that rich people can't use anyway due to AMT.

    It's clear the GOP isn't serious. All they care about is preserving tax cuts for billionaires and making sure working Americans pay higher taxes and get less services.
    The are angling to go off the "cliff" as well. This is their feeble attempt to look as if they are negotiating, when they really don't want a deal. By waiting until after the automatic expiration of the temporary tax relief enacted in 2001/03 and extended in 2010, the Cons do not have to make any affirmative vote that would raise taxes (on the 2%). Instead, they get to vote affirmatively of r tax cut for the lower 98% early in 2013.

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    Re: GOP makes $2.2 Trillion Counteroffer to Obama - includes revenue increases

    Id bet its DOA

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