Barack Obama sent out little Timmy Geithner with the administration’s balanced approach to end the fiscal crisis. As expected, the proposal was laughable.
House Republicans said on Thursday that Treasury Secretary Timothy F. Geithner presented the House speaker, John A. Boehner, a detailed proposal to avert the year-end fiscal crisis with $1.6 trillion in tax increases over 10 years, an immediate new round of stimulus spending, home mortgage refinancing and a permanent end to Congressional control over statutory borrowing limits.
The proposal, loaded with Democratic priorities and short on detailed spending cuts, was likely to meet strong Republican resistance. In exchange for locking in the $1.6 trillion in added revenues, President Obama embraced $400 billion in savings from Medicare and other entitlements, to be worked out next year, with no guarantees.
Ace’s interpretation was pretty accurate: “Obama’s offer: give me $1.6 trillion in tax increases and an unlimited ability to raise the debt ceiling on my own authority and I’ll give you… nothing in return.”
Frak you, Barry; you’re not my president. Go over the cliff if you want. Let it burn.