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Hewlett-Packard Company Message Board

  • unclefulbert unclefulbert Dec 4, 2012 9:49 AM Flag

    $12.98, GOP's $2.2 Trillion debt reduction much lower than Obama's $4 Trillion cut

    Under the Republican proposal, increases in Social Security benefits would be reduced under a new method of calculating cost-of-living increases. The so-called chained consumer price index would also apply to cost-of-living adjustments for government pensions and to setting income-tax brackets.

    The plan would raise the eligibility age for Medicare recipients, now 65, although it didn’t specify by how much. That would save $100 billion, according to an excerpt of congressional testimony Bowles delivered in November 2011.

    “To protect millionaires, Speaker Boehner’s offer would force middle-class families to pay higher taxes,” Reid said in a statement. “Republicans have made an offer, but now it is time for them to get serious about forging a balanced approach.”

    Boehner, in a letter to Obama outlining the proposal, said the additional $800 billion would come through “pro-growth tax reform that closes special-interest loopholes and deductions while lowering rates.” He didn’t lay out specific proposals for curbing tax breaks and didn’t offer additional revenue for 2013.

 
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