Saturday, December 1, 2012

WH Fiscal Cliff Offer Includes Unlimited Executive Power to Raise Debt Ceiling

Treasury Secretary Timothy Geithner, President Barack Obama's point man on the fiscal cliff negotiations, presented Republican leaders a proposal to avoid the fiscal cliff on Thursday, which gives Obama unprecedented powers to raise the debt ceiling whenever he wants.

The White House proposal includes $1.6 trillion in tax increases, a one-year deferral of sequestration, and $400 billion in savings from Medicare and other programs.

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