Congressional leaders from both parties are meeting with President Barack Obama this afternoon at the White House to discuss the so-called “fiscal cliff.” Reports have come out since yesterday indicating that Obama may make an offer just a few days before automatic spending cuts and tax hikes are supposed to go into effect.
Via Politico, here is the sum of Obama’s offer:
Obama is expected to make what the White House considers a scaled-back offer — one to raise taxes on income over $250,000, extend jobless benefits, delay defense and domestic cuts and patch the Alternative Minimum Tax, sources say. Raising taxes at that level is a non-starter for Republicans, who want far more in spending cuts.
In reality, there isn’t anything new to report. There doesn’t seem to be any indication that Republicans will be willing to accept Obama’s offer given that it still raises taxes on families earning more than $250,000. Some Republicans have hinted that the White House could attract support if Obama raised the income threshold to $400,000, which would protect some small business owners. There is no indication that Obama is interested in that sort of a deal or that Speaker John Boehner, who is politically wounded after last week’s failed effort, could convince House Republicans to go along with it.