10 things you need to know today: December 5, 2012

The GOP is split over tax hikes, Egypt's Morsi returns to his palace after fleeing, and more in our roundup of the stories that are making news and driving opinion

Egyptian President Mohamed Morsi claimed sweeping new powers on Nov. 23.
(Image credit: Mark Wilson/Getty Images)

1. REPUBLICANS SPLIT OVER TAX HIKES

Leading conservatives are blasting House Speaker John Boehner for including $800 billion in revenue hikes in his counter-proposal to President Obama's plan to reduce deficits and avoid the fiscal cliff. Obama has already rejected the plan, in part because it doesn't increase income tax rates for the super-wealthy. Conservatives, however, say Boehner's $2.2 trillion deficit-reduction package breaks a standing GOP promise not to raise taxes, by raising new revenue through the elimination of deductions and other loopholes from the tax code. Sen. Jim DeMint (R-S.C.) said the "offer of an $800 billion tax hike will destroy jobs and allow politicians in Washington to spend even more." In a further sign of eroding GOP unity, four Republicans who opposed Boehner on spending and budget issues are being bumped off the Budget or Financial Services committees when the new Congress begins in January. [CNN]

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