The counteroffer has been tendered.
Late Monday, House GOP leaders sent President Obama a proposal designed to avert the fiscal cliff. The plan calls for $800 billion in new taxes, a $600 billion cut in health programs, and a host of other cuts that bring the GOP total to $2.2 trillion in net savings.
Notably, the Republican plan doesn't bring in new taxes by increasing tax rates. Instead, it would come from "pro-growth tax reform that closes special-interest loopholes and deductions while lowering rates." The Republican offer makes clear that the party continues to oppose raising taxes, "in order to protect small businesses and our economy."
The problem? According to White House communications director Dan Pfeiffer, the GOP plan "does not meet the test of balance. In fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill." Echoing the criticism Republicans made of the White House's debt-reduction plan, Pfeiffer adds "until the Republicans in Congress are willing to get serious about asking the wealthiest to pay slightly higher tax rates, we won’t be able to achieve a significant, balanced approach to reduce our deficit."
Today on NOW, the man who has been at the center of the tax debate, Americans for Tax Reform President Grover Norquist, joins us to discuss what Republicans would be willing to consider - and how he'll deal with the growing group of dissenters to his infamous tax pledge. That and more when we see you at noon ET on msnbc.
Ari Melber, The Nation/msnbc Contributor (@arimelber)
Irin Carmon, Salon.com (@ironcarmon)
Joy Reid, Managing Editor, theGrio.com/msnbc Contributor (@thereidreport)
Frank Bruni, The New York Times (@frankbruni)
Grover Norquist, President, Americans for Tax Reform (@grovernorquist)
Ezra Klein, The Washington Post/msnbc Policy Analyst (@ezraklein)