House Republicans Offer Fiscal Cliff Plan

Posted on: December 7th, 2012 by NADO Admin

On December 3, U.S. House Speaker John Boehner (R-OH) offered a $2.2 trillion deficit reduction plan which would include $1.4 trillion in savings over 10 years. The plan does not raise taxes on high income earners, but includes $800 billion in additional tax revenue that would be met through various changes in the tax code. The House Republican framework also includes $600 billion in Medicare and Medicaid savings, which would include $200 billion in savings from replacing the current inflation calculator with a chained consumer price index that would reduce cost-of-living adjustments in Social Security benefits. On December 5, President Obama and Speaker Boehner spoke over the phone, but few details have been released about the conversation. The White House has yet to offer an opinion or counteroffer to the House fiscal cliff plan.

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