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The “Republican” Counteroffer




In the debate over America’s looming “fiscal cliff,” U.S. President Barack Obama has asked for $1.6 trillion in tax hikes, billions in additional government “stimulus” and unilateral authority to raise the federal debt ceiling.

This week, “Republicans” in Washington, D.C. submitted their counteroffer – $800 billion in tax hikes, $600 billion in “health savings,” $600 billion in spending cuts and $200 billion in revisions to the way inflation is calculated for federal pensions and entitlements.

The GOP plan averts a tax hike on individuals earning more than $250,000 a year – which is the centerpiece of Obama’s proposal and a point on which the White House says it is not negotiating.

“What we’re putting forth is a credible plan that deserves serious consideration by the White House and I would hope that they would respond in a timely and responsible way,” U.S. Speaker John Boehner said in unveiling his party’s proposal.

Astounding …

While the GOP plan is obviously preferable to Obama’s offering, the fact remains that it will suck $800 billion out of the private sector via various tax hikes – which the GOP cleverly refers to as “tax reforms.”  Such tax increases are totally unacceptable – and are the latest example of “Republicans” completely abandoning their principles in exchange for the same tax-and-spend ideology championed for years by Democrats.

GOP leaders says their deal will produce $4.6 trillion in deficit reduction over the coming decade – or less than half the amount proposed last year by the Republican Study Committee, a group of fiscally conservative lawmakers.