Obama demands $1.6 trillion tax boost, and an unlimited credit card

President Barack Obama has dramatically upped his demands in the fiscal crisis negotiations: He wants Congress to levy twice as much in extra taxes from Americans as he urged during the election campaign, give up its control over the nation’s debt limit, and fund an immediate $50 billion stimulus for his political priorities.

In exchange, Obama offered to consider — but not necessarily accept — GOP proposals for cutting $400 billion from Medicare and other programs strongly favored by off-year voters.

That listening session would take place sometime in 2013, giving the president plenty of time to wrap the unpopular demand around the necks of the GOP legislators before the 2014 midterm elections.

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