Obama Demands $1.1 Trillion Tax Hike, Won't Get Specific on Spending Cuts
1:17 PM, Sep 10, 2012 • By JOHN MCCORMACK
One final point: Obama's insistence on a 2.5-to-1 ratio of spending cuts to tax hikes does not show that he's willing to go back to the "grand bargain" he and John Boehner entertained in 2011--that is a rejection of the "grand bargain." As Obama publicly acknowledged in a July 2011 news conference, the deal he and Boehner were entertaining involved $800 billion in revenue and $3.2 trillion in spending cuts--a ratio of 4-to-1, not 2.5-to-1. Obama said he couldn't "stomach" that deal.
"There were about $800 billion in revenue that were going to be available," Obama said at a White House press conference. "And what we said was when you’ve got a ratio of $4 in cuts for every $1 of revenue, that’s pretty hard to stomach."
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