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Deal Path Is $1 Trillion Revenue With Cuts, Baucus Says

Bloomberg - Nov 29, 2012

A revenue increase of at least $1 trillion over 10 years and “significant” spending cuts could form the framework of an agreement to avert the fiscal cliff, said Senate Finance Committee Chairman Max Baucus.

“If there is substantial revenue, over $1 trillion, and significant spending cuts, we are close to getting a deal,” Baucus, a Montana Democrat, said today on Bloomberg Television.

An agreement must include higher tax rates for top earners to generate the needed revenue, Baucus said. The top rate, he said, doesn’t necessarily have to return to the 39.6 percent level it would reach if Congress doesn’t act.

Baucus, whose committee has jurisdiction over tax policy and entitlement programs, spoke today as Treasury Secretary Timothy F. Geithner was shuttling between the offices of congressional leaders.

House Speaker John Boehner, an Ohio Republican, said earlier today that no substantial progress has been made on averting the cliff, composed of more than $600 billion in automatic spending cuts and tax increases scheduled to take effect in January. Boehner said President Barack Obama hasn’t been serious in offering spending cuts.

Read Full Article from Bloomberg

- Posted: 2012-11-29 16:52:33

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