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“Fiscal cliff” deal starting to take shape?

But behind the scenes, top officials who have been involved in the talks for many months say the contours of a deal – including the size of tax hikes and spending cuts it will likely contain — are starting to take shape.

Cut through the fog, and here’s what to expect: Taxes will go up just shy of $1.2 trillion — the middle ground of what President Barack Obama wants and what Republicans say they could stomach. Entitlement programs, mainly Medicare, will be cut by no less than $400 billion – and perhaps a lot more, to get Republicans to swallow those tax hikes. There will be at least $1.2 trillion in spending cuts and “war savings.” And any final deal will come not by a group effort but in a private deal between two men: Obama and House Speaker John Boehner (R-Ohio). The two men had what one insider described as a short, curt conversation Wednesday night — but the private lines of communications remain very much open…

Sen. Dick Durbin (D-Ill.) told “Morning Joe” on Tuesday that he could see $400 billion in entitlement cuts. That’s the floor, according to Democratic aides, and it could go higher in the final give and take. The vast majority of the savings, and perhaps all of it, will come from Medicare, through a combination of means-testing, raising the retirement age and other “efficiencies” to be named later. It is possible Social Security gets tossed into the mix, but Senate Majority Leader Harry Reid (D-Nev.) plans to fight that, if he has to yield on other spending fronts.

Democrats want most Medicare and other entitlement savings to kick in between 10 and 20 years from now, which will make some Republicans choke. Democrats will point to the precedent set by House Budget Chairman Paul Ryan (R-Wis.) of pushing most mandatory savings off until a decade from now.

“A lot of the big entitlement savings comes in the 10-20 year budget window, not the next 10 years,” a Democratic aide said. “Everybody will need to get on board understanding that. Paul Ryan and the Obama budget are the same on health cuts for next 10 years.”

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“A lot of the big entitlement savings comes in the 10-20 year budget window, not the next 10 years,” a Democratic aide said.

Hahahahahaha

Man, these deomcrats should go on the comedy circuit.

darwin on November 29, 2012 at 8:52 AM

A lot of the big entitlement savings comes in the 10-20 year budget window

I hate our politicians. Our system of government is eroded beyond all sense.

p0s3r on November 29, 2012 at 8:55 AM

This is politico’s idea of a fair deal — R’s agree to huge tax increases in exchange for token entitlement reforms and phony savings gimmicks.

If D’s really think this is the endgame, we’re headed for a collision soon.

Chuckles3 on November 29, 2012 at 9:02 AM

Democrats want most Medicare and other entitlement savings to kick in between 10 and 20 years from now, which will make some Republicans choke.

Let’s find out who isn’t choking on this and primary them.

moo on November 29, 2012 at 9:04 AM

So the taxes go up now, but the cuts are over 10 years… Yup, we’re already over the cliff. Hold on to your wallets, boys and girls, D.C. is awake and it needs to feed.

Weight of Glory on November 29, 2012 at 9:05 AM

Cut through the fog, and here’s what to expect: Taxes will go up just shy of $1.2 trillion — the middle ground of what President Barack Obama wants and what Republicans say they could stomach. Entitlement programs, mainly Medicare, will be cut by no less than $400 billion – and perhaps a lot more, to get Republicans to swallow those tax hikes. There will be at least $1.2 trillion in spending cuts and “war savings.”

Well, I’ve been on the Let It Burn bandwagon. This would certainly accomplish that. $1.2 trillion in tax hikes(I assume over 10 years)? That’s 1 1/2 times the size of what the Bush tax cuts on the top 2% allegedly cost over the last 10 years. So we’re gonna not only return to the Clinton tax rates for that bracket, but go even higher? And that’s on top of Obamacare’s taxes being implemented?

$400 billion in Medicare cuts(again I assume over 10 years)? That’s a drop in the bucket. And why do I have a sneaking suspicion that these “cuts” are gonna get replaced by the cuts that have already been passed in order to fund Obamacare? $1.2 trillion in spending cuts and war savings? You mean we’re gonna gut the military and count savings for money that was never gonna be spent anyway? Terrific.

Like I said, let it burn. This is a sh-tty deal, but it’s doubtful the GOP can get anything better unless we go over the cliff and the Dems get panicky. I guess they’ll have to pass this garbage deal, sit back and watch the economy go into a deep recession, and then try to salvage the wreckage starting in 2015 after the Dems get massacred in the midterms.

Doughboy on November 29, 2012 at 9:06 AM

Lemme guess…

It’s shaped like a turd?