Imagine the following: President Obama and Speaker John Boehner emerge next week after a series of tense, closed-door meetings to announce a historic deal that cuts the deficit by $4 trillion over the next decade — more than anyone thought possible. Additional goodies are thrown in that Republicans have been clamoring for as well: an enforceable cap on spending and a vote (symbolic, of course) on a balanced budget amendment. The breakthrough? Republicans agreed to raise $1 trillion in new revenue, mostly through closing various tax loopholes and credits but also by allowing the absolute highest end of the Bush tax cuts — those affecting millionaires only — to expire next year.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=110169