Republicans have reportedly drafted a “Doomsday Plan” in anticipation of a stalemate on fiscal cliff negotiations.
ABC News reports that a large group of Republicans could vote “present” on a bill extending the Bush-era middle class tax cuts. This would assure the bill passes solely on Democratic votes, signifying Republicans’ refusal to only extend tax cuts for one subset of citizens.
The bill would be void of any unemployment or tax reform and also would not raise the debt ceiling, measures that President Barack Obama favors. Such a scenario would force Obama and congressional Democrats to address massive spending cuts as soon as they return from the holiday recess.
“WH aides tell me they do not believe they need to respond … until GOP budges on tax rates,” said a 5:39 p.m. tweet from MSNBC anchor Chuck Todd.
The GOP plan was announced at 3:19 p.m. It endorsed a plan sketched out by a Democratic leader, Erskine Bowles, in November 2011 to curb the fast-growing deficit.
His plan offers “a balanced approach of significant spending cuts and new revenues from tax reform with fewer loopholes and lower tax rates,” said a 3.19 p.m. letter from House Speaker John Boehner to the White House.
“This is another attempt to jumpstart substantive, good faith negotiations toward a bipartisan solution that can be enacted soon, a stark contrast to the unserious proposal the White House put forward last week,” said the letter.
Bowles served as former President Bill Clinton’s chief of staff, and ran for Senate as a Democrat. He’s a centrist liberal, not a progressive
like Obama.
like Obama.Read more: http://dailycaller.com/2012/12/03/white-house-rushes-to-reject-gop-fiscal-compromise/#ixzz2E6R8sJaF
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