Daily Tax Update - November 29, 2012: Boehner: “No Substantive Progress” on Fiscal Cliff

BOEHNER:  “NO SUBSTANTIVE PROGRESS” ON FISCAL CLIFF:  Today, after a meeting with Treasury Secretary Timothy Geithner, House Speaker John Boehner said that no real progress was made in reaching a deal to avert the fiscal cliff.  Boehner said, “Despite claims that the president supports a balanced approach, the Democrats have yet to get serious about real spending cuts.  Secondly, no substantive progress has been made in the talks between the White House and the House in the last two weeks.”  Boehner continued, “Listen, this is not a game.  Jobs are on the line.  The American economy is on the line, and this is a moment for adult leadership.”  Boehner added, ““I remain hopeful that productive conversations can be had in the days ahead.  But the White House has to get serious.”  Boehner also said that until there is a serious discussion of spending cuts, “there is a real danger of going off the fiscal cliff.”

  • Today, Senate Minority Leader Mitch McConnell rejected calls by Democrats to raise rates on the wealthy.  McConnell said, “We’re insisting on keeping tax rates where they are, first and foremost, to protect jobs and because we don’t think government needs the money in the first place.”  McConnell added, “The problem, as I’ve said, is that Washington spends too much.  But if more revenue is the price that Democrats want to exact, then we should at least agree to do it in a way that doesn’t cost jobs and disincentivize rates, as we all know raising rates would do.”  McConnell added, “To date, the administration has remained focused on raising taxes and attending campaign-style events, with no specific plans to protect Medicare and Social Security or reduce our national debt in a meaningful way.  Today, they took a step backward, moving away from consensus and significantly closer to the cliff, delaying again the real, balanced solution that this crisis requires.”
  • Sen. Charles Schumer (D-NY) weighed in stating, “You can't start if (Republicans) aren't putting anything on the table.  They have put nothing, nothing of specifics on the table.”
  • White House press secretary Jay Carney said that there will be no deficit deal unless Republicans agree to raise tax rates on the wealthiest taxpayers.  Carney said, “There can be no deal without rates on top earners going up.”

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