Obama New Deal $1.2T Revenue, Extend Bush Tax cuts to $400K

Obama Sends Boehner New Offer on Fiscal Crisis; May Be Close to Final Deal

time-mag-obama-new-dealPresident Obama delivered Speaker John A. Boehner a new offer to resolve the pending fiscal crisis — and what may be close to a final deal, which would raise revenues by $1.2 trillion over the next decade but keep in place the Bush-era tax rates for any household with earnings below $400,000.
The offer is close to the plan that Mr. Boehner proposed on Friday, according to officials familiar with it. Other officials say the speaker will present the plan to House Republicans Tuesday morning, and both sides are cautiously optimistic that a major deficit reduction plan could be passed well before January, when more than a half-trillion dollars in automatic tax increases and spending cuts would kick in.

Mr. Boehner of Ohio had offered the president a deficit framework that would raise $1 trillion over 10 years, with the details to be settled next year by Congress’s tax-writing committees and the Obama administration. In response, Mr. Obama reduced his proposal to $1.2 trillion from $1.4 trillion on Monday at a 45-minute meeting with the speaker at the White House. That was down from $1.6 trillion initially.


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