In negotiations over the so-called “fiscal cliff.” In a plan presented to Republicans by Treasury Secretary Tim Geithner, the President is asking for $1.6 trillion in new revenue by letting the Bush tax cuts expire on the richest 2% of Americans, and by increasing capital gains and estate taxes, which are mostly paid by very wealthy Americans like Mitt Romney. The President’s plan also calls for more stimulus spending on infrastructure and investments to help struggling homeowners refinance their homes. It also completely does away with the pesky debt-ceiling that Republicans have shown a willingness to exploit to force big spending cuts against the working class.
Under the President’s plan, the automatic spending cuts against social programs and the military will be stopped, but the President is putting up $400 billion in cuts to entitlement programs to be negotiated in 2013. Republicans responded to the proposal with outrage. Conservative Fox News talking head Charles Krauthammer called the deal worse than what General Robert E. Lee received at Appomattox after the Civil War.
At its core – this deal makes sure the wealthy pay their fair share again, it helps struggling homeowners, it puts Americans back to work rebuilding our crumbling infrastructure, and it doesn’t throw grandma under the bus by destroying Social Security and Medicare…no wonder why Republicans hate it! It looks like the President has finally figured out how to negotiate and he should be willing to stick to his principles and take the nation over the made-up “fiscal cliff” if Republicans don’t want to do what’s best for the American middle class.
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