Republican Speaker John Boehner (R-OH) will demand a $2 trillion debt reduction deal with no tax hikes when he meets with President Obama tomorrow.
The AP reported:
House Republican budget negotiators have abandoned plans to pursue a massive $4 trillion, 10-year deficit reduction package in the face of stiff GOP opposition to any plan that would increase taxes as part of the deal.
House Speaker John Boehner informed President Barack Obama Saturday that a smaller agreement of about $2 trillion was more realistic.
In a statement issued Saturday evening, Boehner said: “Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes.”
The White House responded that Obama will continue to push to make as much progress on deficit reduction as possible.
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The Democrat plan includes $2 trillion in tax hikes.