Dec 11, 2012 No Comments ›› Chuck Biscuits
Excerpted from CNBC: Senate Majority Leader Harry Reid said Tuesday Democrats aren’t going to make an offer on spending cuts for Republicans and that it will be hard to reach a “fiscal cliff” deal before Christmas.
“Until we hear something from Republicans, there’s nothing to draft,” Reid told reporters in the Capitol, referring to writing legislation to implement a deal.
“It’s going to be extremely difficult to get it done before Christmas.”
The Nevada Democrat made his comments after House Speaker John Boehner accused President Barack Obama of dragging his feet in “fiscal cliff” negotiations.
“Let’s be honest. We’re broke. The plan we offered is consistent with the president’s call for a balanced approach,” Boehner said. “We’re still waiting for the White House to identify what spending cuts the president is willing to make as part of the balanced approach that he promised the American people. Where are the president’s spending cuts?”
The stock market was taking Tuesday’s developments in stride.
Rebutting Boehner moments after he made his comments, House Minority Leader Nancy Pelosi said Obama and Democrats have in fact identified spending cuts they can support as part of a balanced plan to avert a “fiscal cliff” that threatens to send the economy into another recession.
In remarks on the floor of the House, Pelosi said Republicans should permit a vote on Obama’s plan to let tax cuts expire at upper incomes, while keeping them in place for the middle class. She predicted the legislation would pass.
“The irony of this is that the White House offer had very specific cuts, the GOP counteroffer had almost none,” tweeted the president’s communications director, Dan Pfeiffer. White House aides circulated a summary pointing to more than $300 billion in proposed Medicare savings that are included in Obama’s budget, as well as another $250 billion in non-health benefit programs.