House Speaker John Boehner said Thursday that talks over the looming fiscal crisis have failed to produce a deal because President Obama will not get “serious” about spending cuts.
In a fresh bid to energize support for major entitlement cuts as part of any agreement, Boehner rolled out a chart that showed federal spending skyrocketing between now and 2041 — to 40 percent of the nation’s total economy.
The chart showed that revenue from Obama’s push to increase taxes on the top 2 percent will only fill in a sliver of that amount.
“If you look at the spending problem, you see (the additional tax revenue) does nothing,” Boehner said. “The president wants to pretend that spending isn’t the problem. That’s why we don’t have an agreement.”
White House Press Secretary Jay Carney, though, said Thursday that Republicans’ resistance to tax hikes on top earners is what’s holding up an agreement.Continue reading →