The GOP has made its counteroffer. As reported here on The Cycle during Monday’s show here is how the offer breaks down:
While the White House and Democrats immediately rejected the GOP counter offer with White House Communications Director Dan Pfeiffer saying, “The Republican letter released today does not meet the test of balance… Their plan includes nothing new and provides no details on which deductions they would eliminate, which loopholes they will close or which Medicare savings they would achieve.” However, if you take a closer, both plans play to the base which could be a good sign for a potential compromise.
According to the latest Pew Research Poll 53% of Americans will blame Congressional Republicans if we go over the fiscal cliff while only 27% will blame President Obama.
With only 28 days until we go over the fiscal cliff it is up to both parties to reach a suitable compromise.
So how will this all play out from a business perspective? We have Business Insider CEO & Editor in-Chief Henry Blodget on today’s show to help the Cyclists understand this from the business side. Could the problem be that Americans don’t pay enough taxes? Be sure to tune in at 3 p.m. for the full conversation.