For the first time in a week, President Obama and House Speaker John Boehner spoke about the fiscal cliff over the phone, but there’s no word of progress made or future talks planned with only twenty-six days to go before the fiscal cliff.
Rep. Steve LaTourette (R-OH), who is a member of the Appropriations Committee, believes that there’s a growing sense in the Republican party that “the President has won this round relative to the rates” but they still need to sit down and work out the spending part of the deal, which he feels can be reached if the President moves forward with entitlement reform.
LaTourette comments that the Republicans’ walk out yesterday, heading home because there are no votes between now and the weekend, is not as significant as it appears. “We’re not doing anything to get this done because there’s nothing we can do,” he says. “This is going to be a negotiation between the President of the United States and House Speaker John Boehner.”
House Speaker John Boehner and President Obama finally breaking silence by speaking on the phone yesterday, but with twenty-six days left before we tumble over the fiscal cliff, there’s still no sign of progress, and we could be facing massive tax hikes and spending cuts at the start of the new year.
This morning on “Starting Point”, Sen. Jeff Merkley (D-OR), member of the Budget Committee, supports the president’s plan, saying that it is consistent with his campaign promises to extend tax cuts for the middle class, but not for the wealthiest Americans. He adds that the Republicans’ “unspecified proposal” is an “unacceptable” response to the president’s plan.
Merkley believes Republicans are playing a “game of chicken” with the fiscal cliff: “It’s not acceptable that this game of chicken continue… There need to be very specific negotiations. If they need to keep them private and contained for awhile to get into the details, so be it, but action is required.”
The U.S. is just 27 days away from falling over the fiscal cliff, but there is still no deal in sight. Texas Republican Congressman Jeb Hensarling offers his take on the stalemate this morning on “Starting Point”. Hensarling is the newly-named Chairman of the House Financial Services Committee and he Co-Chaired the Super Committee on Deficit Reduction.
Hensarling refuses to budge on raising revenue, though he thinks the president will achieve it regardless. “There’s nothing we can do to stop that,” he says, “but the bottom line is you can’t solve this problem through revenue.”
Hensarling refuses to raise tax rates because he says “the fiscal cliff, relative to our nation’s spending driven debt crisis, is a pothole...What’s changed is on the spending side, and yet all this discussion is on the tax revenues.”