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Fiscal Cliff Deal Emerges Despite Public Bluster

Posted at 10:15 a.m. on Nov. 30, 2012

Politico reports that while Democrats and Republicans appear to be moving further away from a “fiscal cliff” deal, “behind the scenes, top officials who have been involved in the talks for many months say the contours of a deal — including the size of tax hikes and spending cuts it will most likely contain — are starting to take shape.”

“Taxes will go up just shy of $1.2 trillion — the middle ground of what President Barack Obama wants and what Republicans say they could stomach. Entitlement programs, mainly Medicare, will be cut by no less than $400 billion — and perhaps a lot more, to get Republicans to swallow those tax hikes.”

“There will be at least $1.2 trillion in spending cuts and ‘war savings.’ And any final deal will come not by a group effort but in a private deal between two men: Obama and House Speaker John Boehner (R-Ohio).”

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Budget & Taxes

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  • Chredon

    I am not liking the idea of taking $400 billion out of Medicare just to get some GOP members on board.

    • Adlib

      Nor am I, Chredron…first of all, it’s not necessary. Secondly, it smacks of caving, once again. I’d much rather see them wait and force the GOP to cave (which they’d have to do) in January.

    • Mark_in_VA

      Yes, I expect Democrats to play hardball. They hold all the cards! Do nothing, and the regressives get tax *hikes* and defense *cuts*! Why do you fold when you’re holding a full house and you know, at best, your opponent has 2 pair? Gah.

      I hope the new feisty Harry Reid steps up to the plate and pushes this thing to the left.

  • http://twitter.com/BobFishell Bob Fishell

    Any deal is going to be an awful deal. Old people are screwed, I’m old.

  • shockwave456

    If Dems do not make a deal, we automatically win. We hold all the chips. Why are we caving?

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