According to The Hill, the Republican House leader’s proposal to $2.2 trillion cut from the deficit included a “combination of spending cuts, entitlement reforms and $800 billion in new tax revenue.”
Republican officials said their 10-year plan contained more deficit reduction than the offer the White House presented last week while standing firm against Obama’s demand to increase tax rates on the wealthy.
The White House quickly panned the offer, saying it contained ‘nothing new’ and did not ‘meet the test of balance.’
Zeke Miller, writing at Buzzfeed quotes WH Communications Director Pfeiffer:
‘The Republican letter released today does not meet the test of balance. In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill. Their plan includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close or which Medicare savings they would achieve.’
The “fiscal cliff,” contrived by both Republicans and Democrats, will be reached in less than a month.