White House Says It Would Veto Boehner's Plan B In The Unlikely Event It Would Gain Passage In Congress; Bowles Calls The State Of Negotiations On Fiscal Cliff Pitiful

Thursday, December 20, 2012 08:08
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White House Says It Would Veto Boehner's Plan B In The Unlikely Event It Would Gain Passage In Congress; Bowles Calls The State Of Negotiations On Fiscal Cliff Pitiful

Tags: Congress | deficit | Economic Outlook

The news that House Speaker John Boehner’s Plan B would receive a veto by the White House in the unlikely event of its passage was contained in a four-page document that listed specific objections to the proposal.
 
Meanwhile, Boehner was rallying support for the plan among House Republicans and predicted the proposal would pass in a vote on Thursday, December 20.

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Negotiations are at a standstill between the two parties, yet each party continues to say that lines of communication are still open.
 
Although the President did not indicate whether he would consider raising his income threshold for tax rate increases above $400,000, he says that Boehner’s plan is quite close to his own.
 
Boehner offered Plan B on Tuesday, December 18, to avoid tax hikes from the fiscal cliff if he and President Obama fail to reach an agreement.
 
The plan has little realistic chance of being approved by both houses of Congress. Conservative Grover Norquist backed Boehner’s plan, saying it would not cause any violation by lawmakers who signed his no-tax-hike pledge.
 
But the plan is under attack from other conservative groups. Erskine Bowles, former co-chair of the 2010 White House deficit-reduction committee and a huge proponent of bipartisan agreement, says the current state of negotiations is pitiful.  
 
Looking back on the week, we see that both parties submitted new proposals this week with each side budging from what were formerly hard-held positions.

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