Tuesday, December 4, 2012
The plan that was put forward by House Speaker John Boehner to avoid the "fiscal cliff" is coming under fire from within his own party.
Republican Sen. Jim DeMint of South Carolina, a leader of tea party conservatives in Congress, is denouncing the $800 billion in higher tax revenue over 10 years that would come from the speaker's plan. DeMint says it's a "tax hike" that will "destroy American jobs and allow politicians in Washington to spend even more" -- while failing to reduce the debt.
Boehner's plan also includes an increase in the eligibility age for Medicare, and lower cost-of-living hikes for Social Security benefits. Overall, the plan is designed to save $2.2 trillion over ten years.
It's the Republican response to a White House plan last week that includes $1.6 trillion in higher taxes over a decade.