‘Fiscal cliff’ clock continues to tick
WASHINGTON – Republicans’ newfound willingness to consider tax increases to avert the “fiscal cliff” comes with a significant caveat: larger cuts than Democrats seem willing to consider to benefit programs such as Medicare, Medicaid and the president’s health care overhaul.
The disconnect on benefit programs, coupled with an impasse between Republicans and the White House over raising tax rates on upper-bracket earners, paints a bleak picture as the clock ticks toward a year-end fiscal debacle of automatic spending increases and harsh cuts to the Pentagon and domestic programs.
Democrats emboldened by the election are moving in the opposite direction from the GOP on curbing spending, refusing to look at cuts that were on the bargaining table just last year. Those include any changes to Social Security, even though President Barack Obama was willing back then to consider cuts in future benefits through lower cost-of-living increases. Obama also considered raising the eligibility age for Medicare, an idea that most Democrats oppose.
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