Obama wants to raise taxes on the ultra wealthy, with medium cuts to social security and medicare.
Republicans want to close tax loopholes on the ultra wealthy, with large cuts to social security and medicare.
Obama proposed his plan and was laughed outta the room by Republicans:
McConnell told the Weekly Standard that he "burst into laughter" as Geithner outlined the plan.
"GOP aides say Treasury Secretary Tim Geithner presented an offer calling for $1.6 trillion in new tax revenue over the coming decade, extending the 2 percentage point payroll tax deduction or something comparable to it and $50 billion in stimulus spending on infrastructure projects.
The White House plan calls for $960 billion over the coming decade by increasing tax rates and taxes on investment income on upper-bracket earners and $600 billion in additional taxes. Republicans view the offer as a step backward with the fiscal cliff – an economy-rattling set of automatic spending cuts and tax increases – looming at years' end."