Obama's Offer on Fiscal Talks Is "Insanity"

alternet.org — President Obama and House Republicans appear to be closing in on a deal to avert the fiscal cliff, but liberals are not happy with it. Late last night, the White House offered a plan with two major concessions to Republicans. First, it would hike taxes on the wealthy, but only on income above $400,000, instead of the current $250,000 threshold. Second, and far more controversially, Obama offered to change the formula used to calculate Social Security benefits in a way that would cut outlays to seniors slightly while saving the program $225 billion over a decade. The reaction from liberals, who have been demanding all along that social safety net programs be off the table, was swift and fierce.

more »