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lets see how the negotiatons are going.....from today's news:
President Barack Obama on Friday toured a Pennsylvania toy factory that's churning out would-be holiday gifts, warning of a "Scrooge" Christmas if Congress does not pass legislation extending tax cuts for 98% of Americans.
In Washington, House Speaker John Boehner, R-Ohio, warned of an impasse a month before the "fiscal cliff" package of automatic tax increases and spending cuts is set to take effect -- to the detriment of the nation's fragile economic recovery, many economists warn.
Not on that list are House Republicans, whom Obama accused of holding "hostage" legislation that would keep tax rates lower for most Americans because insistence that taxes not go up for anyone.
"That doesn't make sense," he said.
The president urged Americans to flood House Republicans with calls, letters and social networking messages, demanding that they pass the Senate bill.
Obama's remarks came a day after the administration unveiled details of a comprehensive package, widely rejected by Republicans, to avert the looming "fiscal cliff"
Obama's proposal calls for $1.6 trillion in new taxes, including higher tax rates on families making more than $250,000.
Obama also wants to close loopholes, limit deductions, raise the estate tax rate to 2009 levels and increase taxes on capital gains and dividend taxes.
The proposal also calls for additional spending, including a new $50 billion stimulus package, a home mortgage refinancing plan, and an extension of unemployment insurance benefits. It would also extend the payroll tax cut passed early in Obama's administration to give taxpayers more money to spend.
In return, multiple sources told CNN that Obama is offering $400 billion in new cuts to Medicare and other entitlement programs. Specifics would be decided next year, the sources said.Boehner characterized Obama's proposal for spending cuts as a trifle, calling for "a little, not even $400 billion" in cuts to the $3.8 trillion federal budget.
so the Obama plan - we'll raise taxes and cut some stuff but we wont tell you what we'll cut until next year.
You cant make this up!
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