After a weekend of trading accusations over the lack of progress on avoiding the fiscal cliff, both sides now have put their opening offers on the table. Last week, it was treasury secretary Timothy Geithner meeting with top republicans. This afternoon, House Speaker john boehner sketched out the g. O. P. Proposal in a letter to the white house, and the proposal borrows suggestions from the president s own Debt Reduction commission, whose plan was ignored last year. The republican letter offered 900 billion in spending cuts from Program Reforms to medicare and social security. The g. O. P. Plan would raise 800 billion in revenues by closing loopholes and reforming the tax code, but stops short of specifics. Noticeably missing the higher taxes on highwage earners which president obama has insisted on. The white house responded, saying the g. O. P. Proposal 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
Tax hikes and Government Spending cuts set to start next year, why arent more firms postponing hiring decisions . What were hearing from businesses is that it is really hard to actually pull back hiring right now, because theyve already fired so many workers, gotten so lean that its really difficult. Reporter but not all the surprises in the report were good. At 7. 7 , the Unemployment Rate hit its lowest level since december 2008. But that was mostly due to people giving up their search for work. And theres another disappointing trend, weak wage growth. What we are not seeing is strong income generation. The slowing in wage gains the weak Bargaining Power of labor comes across in this report and reporter so although the labor market is not getting worse, its not getting a lot better, either. And there are plenty of risks that could cause businesses to cancel projects, and hiring plans. Clearly one of the biggest risks is that we dont see a deal on the fiscal cliff, or that they drag i
Tax hikes and Government Spending cuts set to start next year, why arent more firms postponing hiring decisions . What were hearing from businesses is that it is really hard to actually pull back hiring right now, because theyve already fired so many workers, gotten so lean that its really difficult. Reporter but not all the surprises in the report were good. At 7. 7 , the Unemployment Rate hit its lowest level since december 2008. But that was mostly due to people giving up their search for work. And theres another disappointing trend, weak wage growth. What we are not seeing is strong income generation. The slowing in wage gains the weak Bargaining Power of labor comes across in this report and reporter so although the labor market is not getting worse, its not getting a lot better, either. And there are plenty of risks that could cause businesses to cancel projects, and hiring plans. Clearly one of the biggest risks is that we dont see a deal on the fiscal cliff, or that they drag i
Theyve given ground in previous budget battles. Thats one reason they are holding firm on higher taxes now. 1. 6 trillion in cuts. Where are the cuts . They are in bills that you, mr. Speaker, have voted for. Reporter and there were new calls for more tax revenue today. Warren buffett, vanguard founder john bogle, and financier george soros were among the famous names to call for a tougher estate tax. Their proposal would exempt couples with up to 4 million in assets from the estate tax. Above that level, estates would pay a 45 tax rate, rising to 50 or more on very large estates. Supporters say that would both bring in badly needed revenue and help protect our democracy. It works to reduce concentrations of economic and political power across generations, and those concentrations are antithetical to the basic premise, if you will, of the founding of our republic, which was that it was a land of opportunity. And i think that those concentrations also can play a significant role, concen
Theyve given ground in previous budget battles. Thats one reason they are holding firm on higher taxes now. 1. 6 trillion in cuts. Where are the cuts . They are in bills that you, mr. Speaker, have voted for. Reporter and there were new calls for more tax revenue today. Warren buffett, vanguard founder john bogle, and financier george soros were among the famous names to call for a tougher estate tax. Their proposal would exempt couples with up to 4 million in assets from the estate tax. Above that level, estates would pay a 45 tax rate, rising to 50 or more on very large estates. Supporters say that would both bring in badly needed revenue and help protect our democracy. It works to reduce concentrations of economic and political power across generations, and those concentrations are antithetical to the basic premise, if you will, of the founding of our republic, which was that it was a land of opportunity. And i think that those concentrations also can play a significant role, concen