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 article you just read is free because dedicated readers and listeners like you chose to support our nonprofit newsroom. Our team works tirelessly to ensure you hear the latest in international, human-centered reporting every weekday. But our work would not be possible without you. We need your help.
Make a gift today to help us reach our $25,000 goal and keep The World going strong. Every gift will get us one step closer.