Speaker John Boehner (R-Ohio) on Monday offered a deficit reduction proposal to avert the fiscal cliff at the end of the year, when a slate of damaging tax hikes and spending cuts are set to take effect. Boehner's proposal — consisting of $800 billion in tax revenue from closing unspecified tax loopholes and deductions, and $1.2 trillion in spending cuts — came in response to an offer that President Obama made last week, which included $1.6 trillion in tax revenue (with a tax rate increase for the wealthiest Americans), $400 billion in cuts to Medicare and other entitlement programs, and $50 billion in new stimulus spending. Boehner insisted that his proposal reflected his willingness to compromise, while Obama's plan was a "La-La-Land offer" that couldn't even pass the Democratic-controlled Senate.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why Mitt Romney is perfectly poised for a comeback in 2016
- Why is the West so afraid of Islam?
- 10 things you need to know today: July 31, 2014
- The mystery behind China's aggressive push into space
- The best places to find love — and lust — according to science
- Here's the schedule very successful people follow every day
- What would a U.S.-Russia war look like?
- Why GOP reformers are bound to fail
- 7 grammar rules you really should pay attention to
- Don't vote for Andrew Cuomo
Subscribe to the Week