"Late Thursday, House Republicans said they rejected an offer from the Obama administration that was presented by Treasury Secretary Tim Geithner and White House Congressional Liason Rob Nabors in meetings with lawmakers on Capitol Hill. The $4 trillion offer would have raised taxes $1.6 trillion over a decade and cut $400 billion from Medicare and other entitlements, to be worked out next year. It would also have extended the payroll tax cut, raised the estate tax to 45 percent on inheritances over $3.5 million, kept Medicare reimbursement rates from being cut (the "doc fix"), extended unemployment insurance and added $50 billion in infrastructure/stimulus spending in the first year, with more such spending in the future. House Republicans characterized the offer as a joke. Senate Republican Leader Mitch McConnell, R-KY, called it a "step backward, moving away from consensus and significantly closer to the cliff, delaying again the real, balanced solution that this crisis requires." CBS News
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I am coming to the conclusion that neither party wants a solution to the "fiscal cliff" dilemma. If they did they would make a deal and they would do it today. Instead, the parties seem to see an advantage in allowing the various disasters to occur. If they do that then it becomes theoretically possible to blame the other side for; higher taxation, higher unemploymet, lower securities markets, etc. If that is what they are doing it is a reprehensible and risky idea. pl
http://www.cbsnews.com/8301-250_162-57556312/obama-taking-fiscal-cliff-fight-to-the-public/
