On behalf of the House Republicans, Majority Leader John Boehner has offered a $2.2 trillion plan to avoid the fiscal cliff. The Republican offer calls for $1.4 trillion in spending cuts and $800 billion in new revenue, from savings on Medicare and Medicaid and closing additional loopholes.
President Obama and the Democrats are looking to cut $600 billion in spending, with $1.6 trillion in tax increases, primarily through increasing taxes on Americans earning more than $250,000 per year.
Takeaway Washington correspondent Todd Zwillich explains the latest on the fiscal cliff negotiations, and Diane Lim, chief economist at the Concord Coalition, analyzes the economic details.
The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!