Fiscal Cliff: The Battle Over Cuts

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Wednesday, December 12, 2012 - 9:20am

House Speaker John Boehner and the White House spar over proposed spending cuts.

The waiting game continues on Capitol Hill.

Any hope of a deficit cutting deal Tuesday was lost on the House floor.

Speaker John Boehner called fiscal talks "stuck in place".

"We are still waiting for the White House to identify what spending cuts the president is willing to make," Boehner claimed.

Democratic leader Nancy Pelosi swung back, saying her side has already committed to cuts.

The White House is backing her up.

"What we haven't seen from Republicans to this day is a single specific proposal on revenue," Press Secretary Jay Carney pointed out.

For more than a week President Obama and Republicans have sparred over opposing plans.

Their proposals leave them about $800 billion apart on new tax revenue and about $250 billion dollars on cuts to Medicare and Social Security.

"We know that the president wants more stimulus spending and an increase in the debt limit without
any cuts or reforms. That's not fixing our problem," Boehner argues.

In the latest McClatchy/Marist poll 74 percent said lawmakers should compromise in order to make a deal happen, and the nation's top business executives have out letters pressuring Congress and the White House as well.

They're demanding compromise and warning of drastic consequences ahead without a deal.

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