Obama fiscal cliff plan DOA with GOP on the Hill

Well, that didn't take long. Mitch McConnell told Fred Barnes of the Weekly Standard that he "burst out laughing" when Treasury Secretary Tim Geithner outlined the president's wickedly clever plan to avert the fiscal cliff. Why? New York Times: Treasury Secretary Timothy F. Geithner presented the House speaker, John A. Boehner, a detailed proposal on Thursday to avert the year-end fiscal crisis with $1.6 trillion in tax increases over 10 years, $50 billion in immediate stimulus spending, home mortgage refinancing and a permanent end to Congressional control over statutory borrowing limits. The proposal, loaded with Democratic priorities and short on detailed spending cuts, met strong Republican resistance. In exchange for locking in the $1.6 trillion in added revenues, President Obama embraced the goal of finding $400 billion in savings from Medicare and other social programs to be worked out next year, with no guarantees. He did propose some upfront cuts in programs...(Read Full Post)