Free Market Evaluation - Send us your resume and we will give you free feedback
Boston Bomber Appears in Boston Federal Court
Boston Bomber Appears in Boston Federal Court
Obama’s Executive Order on Immigration Unconstitutional
Obama’s Executive Order on Immigration Unconstitutional
Stella Mednik, Suspended Immigration Lawyer, Suspect in DUI Accident
Stella Mednik, Suspended Immigration Lawyer, Suspect in DUI Accident
Pirate Bay Shut Down
Pirate Bay Shut Down
Legal Job Listings

Obama Sends Third Offer to Boehner

House Speaker John Boehner (R-Ohio), has received a new offer from the White House in an effort to avoid the fiscal cliff. The offer was presented on Monday and it matches the amount of spending cuts with revenue-raisers. It also calls for two stimulus measures and hopes to avoid a debt limit debate in the next two years. The Huffington Post received the details of the offer from an anonymous source.

With the new proposal, President Obama has set his sights on raising $1.2 trillion in revenue instead of his initial demands of $1.6 trillion and then $1.4 trillion. Obama, with this deal, will no longer insist that taxes jump for families that have an income higher than $250,000. In the new proposal, Obama is also asking for permanent extensions for the Bush tax cuts for incomes under $400,000.

The new proposal asks for limits on the tax benefit of itemized deductions to be set at 28 percent for taxpayers. The estate tax will return to the 2009 parameters. If this happens, estates worth more than $3.5 million will be taxed at a rate of 45 percent.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




The offer proposes $800 billion in savings, of which $290 billion comes in interest savings. The proposal will also have $100 billion in defense cuts and $130 billion in savings that would appear from the inflation index for Social Security benefits. Obama, with the new proposal, still will not raise the Medicare eligibility age from 65 to 67. In the offer there is health care savings of $400 billion.

Other points to note from the proposal include Obama wanting to extend unemployment benefits, which are set to end at the end of 2012 and money for infrastructure spending. It is not known how much money for the infrastructure at this time, but the president’s first offer asked for $50 billion.

This new offer has been described as an official within the administration as being one that the White House views as a true midway point between the two sides’ stances. The official also noted that it is not the president’s ‘final offer.’

Michael Steel, the spokesman for Boehner, emailed a statement to the Huffington Post. The statement reads as follows:

“Any movement away from the unrealistic offers the President has made previously is a step in the right direction, but a proposal that includes $1.3 trillion in revenue for only $930 billion in spending cuts cannot be considered balanced. We hope to continue discussions with the President so we can reach an agreement that is truly balanced and begins to solve our spending problem.”

Obama Sends Third Offer to Boehner by

Tagged: , , , ,

Posted by on December 18, 2012. Filed under Breaking News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Legal Assistant / Secretary - Bilingual
USA-GA-Gainesville

~~Rapidly expanding General Law Firm seeking a Legal Assistant/Secretary to join our team at our Gainesville, Georgia location !  Our firm is a goal/target oriented, fast-paced environment with a...

Related Posts: