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.
Every day, reporters and producers at The World are hard at work bringing you human-centered news from across the globe. But we can’t do it without you. We need your support to ensure we can continue this work for another year.
Make a gift today, and you’ll help us unlock a matching gift of $67,000!