Republicans now say they’re willing to yield ground on taxes — though not on tax rates — to reach a grand deficit-cutting bargain, but Obama has a different idea about what qualifies as “grand.”
The deal laid out by the White House leading up to and since Obama’s re-election has involved about $4 trillion in claimed deficit cuts over 10 years.
Yet Republicans have kicked the tires before — the deal has been on the table since September 2011 — and come away finding it’s smaller and far more tilted toward tax hikes than advertised.
The reality is that Obama’s new spending program cut proposals appear relatively modest: less than $600 billion over 10 years.
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