To avoid the so-called “fiscal cliff, this afternoon House Speaker John Boehner offered a counter-proposal that would reduce the deficit by $2.2 trillion over the next ten years. $800 billion would come from tax reform (closing loopholes, etc.), with the rest coming from different forms of spending cuts.
The White House has already rejected the offer.
All this offer really tells us is that Republicans and the White House are still very far apart on these negotiations and that, because of the ground we’ve been cornered into fighting on, Democrats won this spending war over four years ago.
As you remember, late last week President Obama offered a laughable plan demanding 1.6 trillion in tax increases through a rise in marginal tax rates for job creators the wealthy, and only the promise of $400 billion in promised spending cuts to come later. Obama also demanded $50 billion in new stimulus and executive authorization to override the debt ceiling at any time and by any amount he desires.