President Obama and House Speaker John Boehner are reportedly close to working out a deal to avoid the fiscal cliff at year’s end. Both sides say a resolution may be near.
Iowa Senator Chuck Grassley says he’s seen different figures for how much the president’s reportedly wanting to add in spending.
“Whatever amount of money the president wants to raise, it averages from a low of 7% to a high of maybe about 13% of what the total annual deficit is,” Grassley says. “So what do you do about the other 93 to 87% that is still deficit?”
Grassley, a Republican, says he’s much more concerned about the expenditures side of the ledger and not so much about the tax side.
“I heard $1.2-trillion in revenue and 1.3 trillion in cuts,” Grassley says. “That’s hardly good, in other words, $1 in tax increases for $1 and pennies in expenditures.”
The president’s latest proposal would reportedly boost revenues while keeping Bush-era tax cuts place for households making under $400,000 a year.