Republicans propose 'fiscal cliff' plan

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December 4, 2012, 6:57 am
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(NECN/NBC News: Tracie Potts, Washington) - On Tuesday, the Nation's governors told President Obama how they think we can avoid going over the fiscal cliff...

Which Washington insiders say looks even more likely now that Republicans have put their offer on the table.

Your paycheck will shrink, if congress can't agree on how to prevent it. The White House says this latest offer from Republicans isn't even a start.

Six governors - Democrats and Republicans - weigh in on the fiscal cliff Tuesday.

What will they tell President Obama about the spending cuts and tax increases... Now just 28 days away?

"We must rein in our out of control spending," said Rep. Joe Wilson (R) South Carolina

Republicans have an offer: 800 billion in new taxes - half what the president wanted.

$600 billion saved, in part, by making Americans wait till they're 67 to get Medicare.

Plus more cuts, totaling $2.2 trillion - and no tax hikes for the wealthy.

"That's just not going to happen." Jay Carney/ White House Press Secretary

The Pentagon could take the biggest hit, but President Obama told defense experts Monday, don't worry:

"Even as we make some very tough fiscal choices, we're going to keep investing in these programs." President Barack Obama said.

And he went online - on YouTube, and twitter, explaining why he thinks the rich should pay more.

The auto industry warned: going over the fiscal cliff could cost America jobs.

"We're only expanding around two percent right now. It needs to be considerably higher to bring more people off of unemployment." Alan Mulally/ President & CEO, Ford Motor Co.

But for the jobless, President Obama's asking congress for millions more.

The President's plan, which he'll pitch to the governors today, largely spares Medicare and Social Security.


Tags: barack Obama, White House, Washington, President Obama, GOP, taxes, John Boehner, budget cuts, Republicans, politics, Medicare, Social Security, tax cuts, revenue, Tracie Potts, fiscal cliff
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