By Major Garrett
A senior administration official confirms President Obama’s budget, to be delivered to Congress on April 10, will include a formal request to reduce cost-of-living increases to Social Security recipients if congressional Republicans agree to raise additional tax revenue.
Mr. Obama’s proposal is part of a broader strategy to alleviate some of the pain linked to sequestration spending cuts as well as tackle some difficult politics on entitlement cuts. The linchpin, as it has been throughout budget talks in the Obama era of divided government, is whether Republicans will acquiesce to higher taxes. The prospects for this, based on recent GOP rhetoric, appear bleak.
Senator Bernie Sanders
Mitch McConnell is Dead Wrong
Federal deficits must be brought down, but Republicans like Senate Minority Leader Mitch McConnell are wrong to say we do not need to raise more revenue. The truth is that federal revenue today at 15.8 percent of GDP is lower than 60 years ago. While corporate profits are at an all-time high, corporate income tax revenue as a percentage of GDP is near a record low. “Sen. McConnell is dead wrong. Instead of cutting programs for working families, the elderly and the sick, we need to ask profitable corporations for additional revenue as part of the solution to our deficit crisis,” Bernie said.
Read more reasons why Mitch McConnell is wrong (pdf) »
Hillary Rodham Clinton
MADAME SECRETARY: THANKS FOR YOUR SERVICE
SEE YOU IN 2016
By Nancy Cordes
(CBS News) HAWAII – Democrats are now moving ahead on their own plan to avoid the so-called “fiscal cliff” now that talks have broken down with House Speaker John Boehner.
The White House and congressional leaders have until January 1 to work out a budget deal.
Lawmakers still see path to avert “fiscal cliff”
Watch: No Christmas miracle on “fiscal cliff”Complete coverage of the “fiscal cliff” negotiations
Whatever happens next may essentially be a last-ditch effort to avert the “fiscal cliff.” Sources tell CBS News that aides to the president have been in preliminary talks with aides to Senate Majority Leader Harry Reid, who himself was in Hawaii this weekend for the funeral of Sen. Daniel Inouye.
Reid is now working, sources say, on a smaller package than the comprehensive deal the president was working on with Boehner. The package would prevent tax rates from rising for middle-class families and perhaps cut some spending and tie up a few other loose ends… (Excerpt)
Full Disclosure: I am a senior. —GoodOleWoody :)