Stay updated with breaking news from Revenue number. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Balance to our longer term deficit reduction plans by putting some real revenue in the mix. ever since the president won the election, many of us who crunch these numbers have been looking for a revenue number in the neighborhood of $1 trillion over ten years. that s about what we thought this kind of threshold on income taxes of $250,000 would bring to the table. well, now they re talking about a much higher threshold, and the plan that the vp and senator mcconnell are hammering looks like it s providing $600 million. it s falling short of that metric. you sent out a tweet implying going over the cliff might not be a bad thing. if that s true, why all the hysteria. that s because if you go over the cliff and you quickly repair the kind of damage we were talking about in my first few comments, a couple things happen. first of all, you have a much ....
With alice s assessment there. i want to show debbie wasserman-schultz s quote. no 48-notice on house votes just yet. the president has a lot to gain politically with the blame on republicans for letting all of the country go over the cliff and the fact that they seem to hold on with the death grip for millionaires in this country. the republicans will be blamed it seems according to the polls going over the fiscal cliff but the president is responsible and wants the deal. he s been trying to negotiate by making reasonable concessions. lowered the revenue number. he s increased the tax limit from $250,000 to $400,000. the guy made all kinds of concessions. the republicans refuse to do anything to come to the table with a concession. that s not how you negotiate. the problem isn t the democrats. ....
Closing up loopholes so those over a million pay more taxes. what are the chances that s actually going to happen? the way it will work is they re going to if they get this deal done, they agree on a revenue number, 1.2 trillion and agree on how it would happen if they can t find a better way, which is a mix of fax rates going up and cushing deductions on the wealthy and things like that. then they send the tax writing committees off to try to find a more fair way of doing that. i think the chances are probably 50/50 that over three, four, five months they have to do it they will in fact do meaningful tax reform. what people have to get in their heads is i do not believe we re looking at a fundamental restructuring of the tax code the way we did in 86. i think wishful things. if we get a meaning deficit reduction package through this congress and dmex congress, $4 trillion out of spends and out of an increased revenue i think will have done about all we can ....
To vice president joe biden, an msnbc and cnbc contributor, and a man who is very good at finding the deal. jared, it s good to see you. good to see you, ezra. so let me start with the news of the day here. what do you think of the somewhat vague reports we re hearing about offers flying back and forth? i think a little bit of it, and not a lot. when i read in the paper as i did this morning that there is some sunlight breaking out, i m ready for tomorrow saying no. in fact, it s all darkness. i do think that the president s move to come down $200 billion on his revenue number is real and important. it s as you said earlier, once they start negotiating over numbers like that, some good things could potentially happen. on the other hand, there is some of this public negotiating going on. i thought speaker boehner s comments today were uniquely pretty unhelpful because he made a bunch of statements that i ....
Five years, ten years, maybe that they ll talk about. a year? they say they re not doing that. they figure that if there needs to be a final showdown over the debt ceiling, a once and for all boss level battle, bowser style, it s better to do it now when they re at peak strength than to delay it until 2014 or 2015 when republicans might have more leverage. so yeah, the two sides, they re talking. but they re not close to a deal, not yet. joining us is jared bernstein, former economic policy adviser to vice president joe biden, an msnbc and cnbc contributor, and a man who is very good at finding the deal. jared, it s good to see you. good to see you, ezra. so let me start with the news of the day here. what do you think of the somewhat vague reports we re hearing about offers flying back and forth? i think a little bit of it, and not a lot. when i read in the paper as i did this morning that there is some sunlight breaking out, i m ready for tomorrow saying no. in fact, it s all d ....