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From Ezra Klein

The latest offer: “Obama laid out a counteroffer that included significant concessions on taxes, reducing the amount of new revenue he is seeking to $1.2 trillion over the next decade and limiting the hike in tax rates to households earning more than $400,000 a year. Obama had previously sought $1.4 trillion in new revenue, with tax increases on income over $250,000. Obama also gave ground on a key Republican demand — applying a less-generous measure of inflation across the federal government. That change would save about $225 billion over the next decade, with more than half the savings coming from smaller cost-of-living increases for Social Security beneficiaries.”

“In addition, Obama increased his overall offer on spending cuts and dropped his demand for extending the payroll tax holiday, which has benefited virtually every worker for the past two years. But he is still seeking $80 billion in new spending on infrastructure and unemployment benefits and an increase in the federal government’s borrowing limit large enough to avert any new fight over the issue for two years. Boehner has offered a one-year debt-limit increase, and the fresh stimulus spending remains a sticking point, according to senior Republican aides, who also complained that the overall deal remains too tilted toward new taxes.” Paul Kane and Lori Montgomery in The Washington Post.

http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/18/wonkbook-obamas-latest-fiscal-cliff-offer/

 

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