How the GOP Fiscal-Cliff Counteroffer Stack's Up to Obama's Proposal
Republicans released their counter-offer on the fiscal cliff Monday afternoon, naming the cuts they'd like to make to programs like Medicare and Social Security after complaining that President Obama's opening bid did not name the cuts he'd accept. Basically, they want half the tax increases and 50 percent more cuts to entitlements, and say their plan adds up to $4.6 trillion in deficit reduction. Here's how the plans look side-by-side:
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GOP
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$800 billion in tax revenue.
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$600 billion in Medicare and Medicaid cuts.
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$300 billion in savings from programs like farm subsidies.
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$200 billion to slow growth of government, including Social Security.
$300 billion cut to federal agency budgets.
Obama
$400 billion in entitlement cuts.
$1.6 trillion in tax revenue.
$50 billion stimulus program.
