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This Week on Washington Week:

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With each side denouncing the other's plan for the fiscal cliff, President Obama and John Boehner contine to argue about taxes [Photo:CNN].

December 6, 2012

Tax deduction limits may trim deficits, but not easily

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Behind President Obama’s insistence that tax rates must rise on higher incomes is a belief that Republicans cannot raise as much revenue as they claim, $800 billion in the first decade, simply by limiting deductions and loopholes. Yet in the past, Mr. Obama supported that option to collect even more.

The physics of the year-end Fiscal-Cliff negotiations

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On the PBS NewsHour, Erskine Bowles, cochairman of the noted deficit-reduction commission he led with Republican former Sen. Alan Simpson, said that Washington’s overdramatized fiscal-cliff negotiations amount to little more than “Kabuki theater.”

PBS NewsHour: Paul Krugman: Hasty Fiscal Fix to the Deficit Would Cause 'Austerity Bomb'

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Though Republicans claim $2.2 trillion would be saved by their plan for long-term deficit reduction, economist Paul Krugman calls it a "vapor plan," with few details on where savings will come from. Gwen Ifill talks to Krugman about why he thinks reducing the deficit too fast could push the economy back into recession.

 

GOP makes counteroffer in cliff talks

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House Republicans on Monday made a fresh deficit-reduction proposal to the White House that calls for $800 billion in increased tax revenue, half of what President Barack Obama has proposed.

Democratic group to offer tax plan with huge payoff

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Democratic luminaries with ties to the Obama and Clinton administrations, including two former Treasury secretaries and two former White House chiefs of staff, on Tuesday will enter the tax debate with an overhaul plan that would raise an additional $1.8 trillion in the first decade.

Obama bets re-election gave him power to win fiscal cliff

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President Barack Obama is betting that his re-election gave him the political clout to force Republicans to accept higher taxes on upper-income Americans as a step toward reducing the federal deficit.

PBS NewsHour: White House, House Republicans Face Off Over Competing Deficit Reduction Plans

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House speaker John Boehner wrote to President Obama to reject a White House plan to raise tax rates for the wealthiest Americans, suggesting instead a counter-offer that raises Medicare eligibility age. Gwen Ifill talks to Erskine Bowles about his deficit reduction plan and how it differs from current proposals on the table.

Criticized as weak in past talks, Obama takes harder line

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Amid demands from Republicans that President Obama propose detailed new spending cuts to avert the year-end fiscal crisis, his answer boils down to this: you first.

John Boehner on fiscal cliff negotiations: 'We're nowhere'

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House Speaker John Boehner politely lashed out at President Obama over fiscal negotiations on Sunday, saying that after three weeks of talks the White House has offered “virtually nothing” toward an agreement to avert the large round of tax hikes and spending cuts scheduled to take hold in January.