After reportedly ruling out an increase in the Medicare eligibility age, President Barack Obama has offered House Speaker John Boehner a new deal to avoid a combination of spending cuts and tax increases scheduled to go into effect at year-end.
Obama’s latest offer involves painful Social Security cuts for the poor and middle class but tax increases only for people who won’t notice the difference, because they make more than $400,000 per year. This kind of bargain is exactly what Senator Tom Harkin has been warning against when he’s said “no deal is better than a bad deal.”
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