Fiscal cliff standoff continues as deadline approaches - New York News

Fiscal cliff standoff continues as deadline approaches

Posted: Updated:
WASHINGTON -

Republicans float a new proposal in the fiscal cliff standoff, but will it be enough to move the negotiations forward?

When asked is no deal better than a bad deal, President Obama replied, "Thank you, everybody."

The President wouldn't answer any fiscal cliff questions from reporters on Monday, but he did have something new to consider.  A letter from a group of Congressional Republicans outlining what they say is a compromise -- based in part on last year's talks between the President and House Speaker John Boehner.

The GOP plan has a whole laundry list of new revenue and budget cuts -- totaling, using White House math, more than $4 trillion in deficit reduction.

It gets there by not raising tax rates, but instead reducing deductions for the wealthy to generate more money for the government.  And it also tackles entitlements, raising the Medicare eligibility age and reducing the future growth of Social Security benefits -- non-starters for the President and other Democrats who are facing enormous pressure from unions and other groups on the left to leave those programs untouched.

"We should fix it, but that should be separate track conversation, it should not be raiding social security to deal with the deficit," said Rep. Chris Van Hollen of Maryland.

Responding to questions on Twitter, the President said there simply isn't enough spending in the deal.  Republicans, though, say he needs to accept that costly programs need to be restructured.

South Carolina Senator Lindsey Graham said, "What I want more than anything else is to get he country out of debt in a permanent way.  The big problem with us becoming Greece is not revenue, is not the tax code, it's entitlements."

  • Local NewsLocal NewsMore>>

  • Man helping turtle is attacked by dog

    Man helping turtle is attacked by dog

    Tuesday, July 22 2014 9:11 AM EDT2014-07-22 13:11:44 GMT
    A Hamden man has been mauled by a dog while trying to help a turtle cross a local road.
    A Hamden man has been mauled by a dog while trying to help a turtle cross a local road.
  • Polluted Gowanus Canal doesn't scare away neighborhood development

    Polluted Gowanus Canal doesn't scare away neighborhood development

    Tuesday, July 22 2014 8:57 AM EDT2014-07-22 12:57:02 GMT
    Every day, those who live and work in the Gowanus section of Brooklyn drive and bike and walk across their canal, growing a little more accustomed to but no less disgusted by its scent and appearance. Once the busiest canal in the United States, the Gowanus now bears the distinction as perhaps the most polluted body of water in the nation. No one knows exactly how polluted because few have summoned enough courage to dive into its murky depths to investigate.
    Every day, those who live and work in the Gowanus section of Brooklyn drive and bike and walk across their canal, growing a little more accustomed to but no less disgusted by its scent and appearance. Once the busiest canal in the United States, the Gowanus now bears the distinction as perhaps the most polluted body of water in the nation. No one knows exactly how polluted because few have summoned enough courage to dive into its murky depths to investigate.
  • Search for masked robbers in Caesars heist

    Search for masked robbers in Caesars heist

    Tuesday, July 22 2014 8:22 AM EDT2014-07-22 12:22:25 GMT
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
    The hunt is on in southern New Jersey for two suspects who made off with more than $180K from Caesars Atlantic City casino. The brazen robbers reportedly stole the cash from two plastic boxes on the casino floor. The robbery occurred on Monday at about 6 a.m. The masked robbers took off in a vehicle. The State Police Casino Gaming Bureau is handling the investigation.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices