obama's first offer

Started Nov 30, 2012 | Discussions thread
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edwardaneal
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obama's first offer
Nov 30, 2012

yesterday the president sent Timothy Geithner to deliver his proposal for fixing the economy

this is what Obama is asking for:

The White House is asking for $1.6 trillion dollars in new taxes. This would include the president's campaign pledge to raise tax rates on families who make $250,000 a year and more. It would bring in additional money by closing loopholes, limiting deductions, raising the estate tax rate to 2009 levels and increasing capital gains and dividends taxes.

the proposal laid out by Geithner also called for additional spending, including $50 billion in new stimulus spending next year, a home mortgage refinancing plan, an extension of unemployment insurance and an extension of the payroll tax cut. It includes a permanent mechanism to vote on a debt limit increase.

and in return this is what he is offering:

In return, according to multiple sources, the Obama administration is offering to find $400 billion in new cuts to Medicare and other entitlement programs, with the specifics to be hammered out next year.

So - he wants to tax more, and spend more and in return he will find 400 billion later - if he can and if the democrats will let him - - - really?

CNN link

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