The White House got specific. The GOP balked.
That’s about how it went yesterday when Treasury Secretary Timothy Geithner went to Capitol Hill with a proposal to avert the fiscal crisis set to hit January 1st. The New York Times reports this morning that “the proposal, loaded with Democratic priorities and short on detailed spending cuts, met strong Republican resistance.” The plan includes $1.6 trillion in tax increases, $400 billion of spending cuts, a $50 billion stimulus for 2013 and changes to Congress’ authority to halt increases in the debt ceiling.
It proved a tough pill for Republicans to swallow. Speaker John Boehner (R-Ohio) suggested the proposal was a joke, saying “I would hope the White House would get serious.” In the Senate, Minority Leader Mitch McConnell (R-Ky.) described the proposal as a “step backward” from compromise. Meanwhile, Democrats say the ball is now in the GOP’s court. “The president has made his proposal; we need a proposal from them,” said Senate Majority Leader Harry Reid (D-Nev.).
Is the difference between the two parties as stark as the rhetoric would suggest, or is this all a high-profile exercise in the art of negotiation? President Obama will make the case for averting the fiscal cliff in a speech today in Hatfield, Pennsylvania. We’ll listen in and discuss that and more when Alex and the panel see you at noon ET on NOW.
Melissa Harris-Perry, msnbc Host, “Melissa Harris-Perry” (@mharrisperry)
Sam Stein, The Huffington Post/msnbc Contributor (@samsteinhp)
Joy Reid, Managing Editor, theGrio.com/msnbc Contributor (@thereidreport)
Michael Crowley, Deputy DC Bureau Chief, TIME (@crowleytime)
Mike Viqueira, NBC News (@mikeviqueira)
Chris Hayes, msnbc Host, “UP” (@chrislhayes)