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GOP continues to look toward tax reform, spending cuts
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Inside Republican plans to avoid 'fiscal cliff'
- Duration 2:30
- Date Nov 28, 2012
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Transcript
This transcript is automatically generated
Other -- are so far sticking to their guns on tax revenue increases and spending cuts together.
Chief congressional correspondent Mike Emanuel is following that part of the story.
Speaker John Boehner a central figure in cutting a deal says Republicans have offered a plan to avoid the fiscal cliff.
Through significant spending cuts and tax reform and are committed to working with the president.
It's one reason why we believe that we put revenue on the table.
As long as it's accompanied by serious spending cuts.
But to avert this crisis Texas senator John Cornyn says the bipartisan Simpson Bowles deficit plan offered some meaningful savings worth pursuing.
They identified one point one trillion dollar tax expenditures.
Benefits deductions credits and the like that could be cut as part of a grand bargain.
I think we -- -- look at that we need to flatten the code simplify and make it more pro growth.
On the democratic side senate majority leader Harry Reid told reporters yesterday he'd like to get credit for what congress has previously cut.
We've already done.
More than a billion dollars worth of cuts today the top Democrat in the house took a similar approach I think it's important enough.
We have already actually took over a trillion and half dollars in cuts he converted budget control -- and other.
In this session of congress.
And so now.
-- -- -- -- when asked what -- be willing to slash as part of this deal really content and that even some rank and file house members say they realize more must be done now.
We can means test entitlements.
So for folks making a million dollars a year you know maybe they aren't able to access Medicare.
You know they've got the main set to divide their own health care I know we can't afford to spend 690 billion dollars.
On our defense that they're Smart ways and dumb ways to cut defense spending for example we stole bases.
All throughout Western Europe that.
There hasn't been a threat to Western Europe since 1989.
Beyond -- divers didn't want to hurt the speaker's ability to craft a deal I'm trying not to penis into duty boxes where people.
John Boehner in a box that tells him what to do and Boehner himself didn't care to negotiate cuts on camera.
Again we'll have that conversation the president went only to have -- here.
There will be an opportunity to speak privately and perhaps look at some real numbers when Treasury Secretary Tim Geithner.
Comes up here to Capitol Hill to meet with the top four congressional leaders.
Individual threat.
Mike thanks.
