What parallel universe are officials in the Obama administration living in if they think this wish list is anywhere near reasonable?
Via the Washington Examiner:
Yesterday Treasury Secretary Timothy Geithner presented Republican leaders on Capitol Hill with President Obama’s plan to avoid the fiscal cliff. The Geithner proposal asked for:
1. An immediate $1 trillion tax hike through higher top marginal income tax rates as well as higher taxes on both capital gains and dividends.
2. An agreement to raise $600 billion more in taxes later this year by limiting tax deductions for top earners.
3. $50 billion in new infrastructure stimulus spending.
4. Another “emergency” extension of unemployment benefits.
5. An extension of either the payroll tax cut or the reinstatement of Obama’s stimulus Making Work Pay tax credit.
6. A mortgage refinancing program.
7. Billions in new spending to prevent cuts to Medicare reimbursement payments for doctors.
8. An infinite debt limit hike.
Upon hearing Geithner’s wish list, Minority Leader Mitch McConnell, R-Ky., reportedly “burst into laughter.” He should have patted Geithner on the head and offered him a candy cane instead.
A Politico report adds that this joke of an offer has stalled negotiations.
Hill Republicans immediately rejected the offer, with House Speaker John Boehner saying “no substantive progress has been made” on resolving the impasse.
Even MSNBC’s Joe Scarborough realized that the only intent behind the offer was to be provocative – it was not based in reality. One Republican aide even referred to the offer as “unbalanced and unreasonable”.
Much like the President himself. Or maybe he believes Santa Claus will deliver all of the items on his wish list?
Video – Geithner on the Amount of Money Needed to Cover Future Obligations: "It Would Make You Uncomfortable"
More uncomfortable than we already are with the Obama economy?
Here is an exchange between Rep. Trey Gowdy (R-SC) and Treasury Secretary Tim Geithner (The following exchange happened over a few minutes of back and forth. This is a condensed version.):
Gowdy: “If this were the last debt ceiling request you could ask for…the final one and you had to make it large enough for all current and future obligations, what would the request need to be?”…Geithner: “That I’d have to get to you in writing, I can’t do it in my head though.”Gowdy: “How about a round number?”Geithner: “No idea….Gowdy: “$20 trillion?”Geithner: “I just can’t do it in my head.”Gowdy: “$50 trillion?”Geithner: “I don’t know”Gowdy: “A lot? Can we agree it would be a lot?”Geithner: “It would be a lot. It would make you uncomfortable.”
The exchange begins at the 2:20ish mark…