New York Times: Both parties are arguing over the size of the down payment, which is critical. Republicans and Democrats alike worry that canceling roughly $600 billion in deficit-reducing tax increases and spending cuts next year might spook financial markets.
New York Times: Both parties are arguing over the size of the down payment, which is critical. Republicans and Democrats alike worry that canceling roughly $600 billion in deficit-reducing tax increases and spending cuts next year might spook financial markets.
For all the growing angst over the state of negotiations to head off a fiscal crisis in January, the parties are farthest apart on a relatively small part of the overall deficit reduction program — the down payment.
President Obama and the House speaker, John A. Boehner, are in general agreement on the overarching issue: that the relevant Congressional committees must sit down next year and work out changes to the tax code and entitlement programs to save well more than $1 trillion over the next decade.
