News reports say that President Obama made a new offer to John Boehner today, in response to which Boehner sent a new proposal to the president. Details on both are, of course, sketchy, but Obama’s proposal apparently includes $1.4 trillion in tax increases.
The Senate Budget Committee is just about the only reliable source of information on these topics; this afternoon they said in an email:
The Hill has reported that the new proposal offered to Boehner by the White House would increase taxes $1.4 trillion instead of $1.6 trillion. This matches the upper income tax hike proposals in the president’s FY13 budget, which was unanimously rejected by both parties in Congress. See the Treasury’s Green Book table below. This is for FY13-FY22. The final column is the 10-year total of $1.4 trillion. The second to last column is the total for the first five years.
Everything we’re seeing offered from the White House seems to match up with the president’s budget, so until they put something into legislative text that CBO can score, I think it’s safe to assume that is what is going on. It’s also probably why the White House refuses to put anything in legislative text, as it would also then be revealed the president’s tax hikes would go to fund new spending—not deficit reduction.
The Budget Committee also reports that 75% of the increased revenue called for in Obama’s proposal (assuming, as appears to be the case, that it mirrors his budget) will go to spending increases, not deficit reduction. Wouldn’t it be great if we had a free press, independent of the Democratic Party, that would report such details?
UPDATE: President Obama’s strategy is painfully obvious, as is the fact that John Boehner seems determined to help Barry implement it. Michael Ramirez explains: