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Tue December 4, 2012
Idaho Senator Crapo Worried About Falling Off The Fiscal Cliff
Republicans are proposing their own plan to avoid the "fiscal cliff" at the end of this month. That's when Bush-era tax cuts will expire and automatic spending cuts begin.
The GOP plan would raise the eligibility age for Medicare, lower cost-of-living hikes for Social Security benefits and add $800 billion in higher tax revenue. The White House unveiled a plan last week.
Republican Idaho Senator Mike Crapo says the competing proposals are a first step to finding common ground. “And it’s I think the hope of all Americans that we can come together and find a solution that avoids the potential danger to our country from the fiscal cliff.”
Crapo says he’s heard from economic experts who say without a solution the economy could be in for at least a recession. He says there is a chance December will end without a plan. “Because there’s a lot of speculation about whether politically the President could blame that on the Republican party if it happened and then have a significant political advantage out of it. I hope that is not the kind of thinking that is going on.”
The House Republican plan would keep the Bush-era tax cuts in place for everyone. President Obama wants to end the tax cuts for families making more than $250,000 a year.
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