Fiscal Cliff: GOP Proposes Medicare and Social Security Changes
By: Ny Lynn Nichols
Updated: December 3, 2012
WASHINGTON, D.C. -- It's less than a month until we reach the fiscal cliff.
Republicans are proposing raising the eligibility age for Medicare and reducing cost-of-living increases in Social Security.
President Obama is putting more public pressure on republicans to cut a deal on the fiscal cliff. He wants the wealthiest households to pay higher taxes on their income over $250,000.
The president went on twitter: "hey guys -- this is Barack. Ready to answer your questions on fiscal cliff"
Thousands were following.
Candace tweeted back: "Mr. President, you do not have my support for raising taxes on any class."
But BWD encouraged: "Mr. President, you have a mandate"
"The most important thing about this fiscal cliff is it could result in less discretionary income for the consumer, which could really have an impact on the economy," said Ford CEO Alan Mulally.
January 1, defense spending would be slashed -- so-called sequestration. Defense contractor Pratt and Whitney president David Hess has a warning if sequestration were to take effect.
"The unemployment rate could rise to 9.1-percent."
At mid-afternoon, House Speaker John Boehner made public new proposals: raise the eligibility age from 65 to 67 for Medicare, lower cost of living hikes in Social Security. They say that would be $80 billion in new revenue.
There are 28 days left -- no deal yet.
Back in 2011, when both sides almost made a grand 10-year budget bargain, they almost agreed to hike the Medicare eligibility age. But taxes were a sticking point.
Republicans are proposing raising the eligibility age for Medicare and reducing cost-of-living increases in Social Security.
President Obama is putting more public pressure on republicans to cut a deal on the fiscal cliff. He wants the wealthiest households to pay higher taxes on their income over $250,000.
The president went on twitter: "hey guys -- this is Barack. Ready to answer your questions on fiscal cliff"
Thousands were following.
Candace tweeted back: "Mr. President, you do not have my support for raising taxes on any class."
But BWD encouraged: "Mr. President, you have a mandate"
"The most important thing about this fiscal cliff is it could result in less discretionary income for the consumer, which could really have an impact on the economy," said Ford CEO Alan Mulally.
January 1, defense spending would be slashed -- so-called sequestration. Defense contractor Pratt and Whitney president David Hess has a warning if sequestration were to take effect.
"The unemployment rate could rise to 9.1-percent."
At mid-afternoon, House Speaker John Boehner made public new proposals: raise the eligibility age from 65 to 67 for Medicare, lower cost of living hikes in Social Security. They say that would be $80 billion in new revenue.
There are 28 days left -- no deal yet.
Back in 2011, when both sides almost made a grand 10-year budget bargain, they almost agreed to hike the Medicare eligibility age. But taxes were a sticking point.
