A White House official says President Barack Obama and House Speaker John Boehner are meeting at the White House to discuss the pending fiscal cliff and deficit reduction.
The meeting comes as Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year.
The speaker also has offered a large enough extension in the government’s borrowing cap to fund the government for one year before the issue must be revisited — conditioned on the president agreeing to $1 trillion in cuts.
The offer was made Friday after a long impasse. It calls for about $450 billion in revenue from increasing the top rate on income over $1 million.
(AP)
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2 Responses
1 trillion in spending cuts over ten years will not help the debt crisis – it will make it worse. The gov’t is 1 trillion over budget every year. Now it will be $800 billion over budget if you include the increase in taxes for the $1 million + crowd.
So $800 billion X 10 years means another $8 trillion in debt by 2023 for a grand total of over $24 trillion!
Nice job guys! You just failed 1st grade math class.
1. Liberals & RINOs don’t know simple economics.