The Obama White House has unveiled its own non-specific proposal to deal with the fiscal cliff and initial analysis suggests the administration has no intention of negotiating with Republicans. The proposal represents priorities of the far-left Republicans (and half the country) would never agree to.
The proposal includes:
—$1.6 trillion in tax increases over 10 years;
—a permanent end to statutory borrowing limits; and
—$50 billion in additional stimulus spending, including infrastructure, mortgage relief and an extension of unemployment insurance.
You know, because the solution to a fiscal crisis is to… spend more money.
But don’t worry, the president’s proposal leaves the door open to $400 billion in savings from Medicare and other social programs to be worked out next year — with no guarantees, of course.