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President Obama Offers a Budget Deal

By New York Times, New York Times - December 19, 2012

No sooner did President Obama offer Speaker John Boehner a more-than-generous budget deal to avoid the so-called fiscal cliff than Mr. Boehner invoked what he called “Plan B.” After arguing, absurdly, that the president’s plan was unbalanced, Mr. Boehner offered an even cushier alternative for high-income taxpayers that would raise the threshold for higher tax rates to $1 million and preserve expiring tax cuts for the heirs of multimillion-dollar estates.

In addition, Plan B would delay any discussion of the fiscal cliff’s across-the-board spending cuts until next year, at which time Republicans would use the looming expiration of the debt-ceiling as a cudgel to maximize spending cuts to Medicare while minimizing cuts to defense. That would be déjà vu all over again.

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