Don’t say you weren’t warned.
From Fox News.
White House Press Secretary Jay Carney made clear that the president is sticking by his original budget plan, which includes $1.6 trillion in new revenue, by raising taxes on households making more than $250,000.
“The president has put forward a very specific plan that will be what he brings to the table when he sits down with congressional leaders,” Carney said.
Republicans, though, are adamantly opposed to raising tax rates, despite a willingness to deal on closing loopholes and deductions. Further, while Carney said the president would consider cuts to entitlements and other domestic programs, it’s unclear how far he can go without engendering a backlash from Democratic lawmakers. Whether the sides can bridge those gaps is the big question — if they cannot, the country will dive over the so-called “fiscal cliff,” a combination of spending cuts and tax hikes set to take effect in January.