Today on the Cycle: Fiscal What?

Updated
Speaker of the House John Boehner, R-Ohio, joined by the Republican leadership speaks to reporters about the fiscal cliff negotiations with President Obama...
Speaker of the House John Boehner, R-Ohio, joined by the Republican leadership speaks to reporters about the fiscal cliff negotiations with President Obama...
AP Photo/J. Scott Applewhite

With all the fiscal cliff talk going around Washington, the latest centers on Speaker John Boehner’s (R-OH) backup plan, or better known as “Plan B”.

On Monday the White House submitted an updated fiscal cliff proposal called the “$2.4 trillion total debt reduction”. This plan included $1.2 trillion in new revenue, $1.22 trillion in spending cuts, a two-year debt limit increase, and an expiration of Bush-era rates for incomes over $400,000. Thus, the White House conceded on some of their main points in hopes of trying to reach a deal with the GOP.

However, instead of offering a counteroffer, Speaker Boehner has offered what he calls “plan b” as he is referring to it as. This backup plan of Speaker Boehner’s includes extending Bush-era tax rates on incomes of $1 million or higher, addresses the AMT & Estate tax, but does not address sequestration. So, what exactly is this plan? And is there any support for it?

The House has scheduled a vote for Speaker Boehner’s Plan B on Thursday, so will this actually get through the House? According to a recent Gallup poll while President Obama has a higher favorability rating than Speaker Boehner at 48% to 25%.  Congress’s approval rating is only at 18% - seems low but it’s higher than the 13% they were polling this summer.

To help us understand what is actually happening Newsweek Daily Best Columnist Dan Gross joins the conversation during today’s show. Tune in at 3:10 p.m. to see what he has to say.

Explore:

Today on the Cycle: Fiscal What?

Updated