Discuss as:

Congress: Fiscal-cliff breakthrough

“A fresh proposal from House Speaker John Boehner to raise tax rates on millionaires marked a breakthrough in stalled budget negotiations with President Barack Obama, suggesting a potential framework for avoiding year-end spending cuts and tax increases known as the fiscal cliff,” the Wall Street Journal writes. “The proposal, which the speaker offered privately to Mr. Obama Friday, calls for raising $1 trillion in tax revenues over 10 years, up from the $800 billion Mr. Boehner previously proposed, and cutting about $1 trillion from spending. While the White House objected to major parts of the proposal, senior Democrats described it as a tipping point that moves talks away from deadlock.”

Forbes: “House Speaker John Boehner has made a decision that will make some wealthy Americans squeal, while making most Americans smile. Boehner, after weeks of rhetoric that Republicans and Democrats were miles apart on fiscal cliff talks, relented on a stance that high earners shouldn’t see higher taxes. Now, Boehner has agreed to raise taxes on Americans making more than $1 million, reversing an earlier position that all Bush Era tax cuts should stand.”

Politico: “It is the first time Boehner has offered any boost in marginal tax rates for any income group, and it would represent a major concession for the Ohio Republican. Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually, beginning Jan. 1, two sources said.”

Boehner also offered to lift the debt limit for a year.

The left doesn’t like Boehner’s proposal.