According to Republicans who leaked the bid, President Obama would cut $4 trillion from the deficit, including $400 billion in Medicare savings and $1.6 trillion in revenue from first ending Bush tax breaks on the top earners, capital gains and dividends, and then tax reform. He also called for action to create jobs in payroll tax cuts, unemployment benefit extensions and $50 billion in infrastructure spending and a new mortgage-refinancing program.
Basically the president is asking for exactly what he campaigned on.
Yet according to Talking Points Memo’s Brian Beutler, congressional Republicans dismissed the plan as “outlandish” and “unserious.” Senate Minority Leader Mitch McConnell reportedly laughed aloud as Treasury Secretary Tim Geithner read him the plan.
So what’s the GOP’s plan?
On Twitter, House Minority Leader Eric Cantor’s Communications Director Rory Cooper said their plan was a bill that replaced the defense cuts in the sequester with other cuts. The bill was passed in September.
What’s happened since then?
Copyright 2012 The National Memo