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McConnell 'Burst Into Laughter' as Geithner Outlined Obama's Plan
By: FRED BARNES
November 29,2012
Mitch McConnell, the Senate Republican leader, says he burst into laughter Thursday when Treasury Secretary Tim Geithner outlined the administration proposal for averting the fiscal cliff. He wasnt trying to embarrass Geithner, McConnell says, only responding candidly to his one-sided plan, explicit on tax increases, vague on spending cuts.
Geithners visit to his office left McConnell discouraged about reaching a balanced deal on tax hikes and spending reductions designed to prevent a shock to the economy in January. Nothing good is happening in the negotiations, McConnell says, because of Obamas insistence on tax rate hikes for the wealthy but unwillingness to embrace serious spending cuts
Geithner suggested $1.6 trillion in tax increases, McConnell says, but showed minimal or no interest in spending cuts. When congressional leaders went to the White House three days after the election, Obama talked of possible curbs on the explosive growth of food stamps and Social Security disability payments. But since Geithner didnt mention them, those reductions appear to be off the table now, McConnell says.
(Excerpt)
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McConnell 'Burst Into Laughter' as Geithner Outlined Obama's Plan | The Weekly Standard