Obama is not serious about cutting his deficit and these offers prove this. What happened to the $4 trillion in cuts Obama promised?
President Barack Obama has proposed raising tax rates on income above $400,000 — up from $250,000 — as part of a counteroffer to House Speaker John Boehner aimed at reaching a deal to avert the fiscal cliff, according to a source familiar with the talks.
The $2.4 trillion proposal offers an equal amount of revenue and spending cuts, meeting a dollar-for-dollar demand that Boehner has placed on the scope of a final package.
Obama proposed $1.2 trillion in new revenue, down from his previous offer of $1.4 trillion. And he offered $1.2 trillion in spending cuts, including $400 billion in entitlement savings, which is an increase of $50 billion.
“Savings” are not CUTS.
The proposal is not a final offer, but the White House views it as a “good offer that shows we have met the Republicans more than halfway on spending and halfway on revenues,” the source said.