Driving the Day: 12/4/12

Dec 4, 2012

Need to know…

  • GOP Leaders Reveal Deficit Plan; White House Responds. Amid political pressure to do so, GOP leaders yesterday countered President Obama’s proposal with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners. The GOP plan is far heavier on spending cuts but embraces $800 billion in new taxes over the next 10 years. It would reduce entitlement program costs by at least $900 billion, including raising the Medicare eligibility age, and cut $300 billion in discretionary spending. The White House blasted the counteroffer as failing to “meet the test of balance.”  The White House said the offer “includes nothing new” and was not serious. It also faulted the proposal for lowering tax rates on the wealthy.
  • Meanwhile, State Governors Set to Meet with Obama, Boehner on Fiscal Cliff. Less then a month away from the onset of the fiscal cliff, a bipartisan group of governors is set to meet today with President Obama and congressional leaders in search of answers about the impact of deficit reduction measures on their state budgets. Federal grants to the states comprise about a third of state revenues in the United States. Cutbacks in federal contracting will also reduce employment levels regionally, with the heaviest impact expected in areas with large numbers of defense contractors.
  • More than Half of Dodd-Frank Requirement Deadlines Missed to Date. Davis Polk’s December 2012 Dodd-Frank Progress Report says that as of yesterday, of the 237 Dodd-Frank rulemaking requirement deadlines that have passed, 144 (61%) have been missed and 93 (39%) have been met with finalized rules.

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