A breakdown of President Obama's third fiscal cliff offer as reported by HuffPost

[boxman15]

I figured this might make it easier for everybody to see the entire proposal instead of just one or two things related to Social Security being debated (which very well should be):

- $1.2 trillion in new revenue
- Letting the Bush tax cuts expire for income over $400,000
- Limiting the tax benefit of itemized deductions to 28 percent (Meaning estates worth more than $3.5 million would be taxed at 45%)
- $800 billion in savings/cuts including:
- $290 billion in interest savings
- $100 billion in defense cuts
- $130 billion in Social Security savings (adjusting inflation index for the program, with "protections for vulnerable populations&quot
- $400 billion in health care savings
- Medicare retirement age remains at 65
- "Fast track" for tax reform and spending reform
- Permanent extension of certain "tax extenders" (not known which yet)
- Permanent extension of alternative minimum tax
- Expiration of payroll tax cut
- Extension of unemployment benefits
- Roughly $50 billion for infrastructure spending
- Two year debt ceiling raise (would allow Congress to vote on debt ceiling, but would grant himself veto power)

This is a mixed bag for me. I'm a fan of the additional stimulus and him not giving in on Medicare. It's a little disappointing to see him raise the tax cut expiration up to $400,000, but I would certainly take that. The payroll tax cut, however, should be extended, or there should be a tax cut equivalent to it. What really bugs me, though, is the Social Security portion. I have no idea why anything related to the program is being discussed seeing as how it has nothing to do with the deficit. I'd have to see more specifics on the actual proposal to form an opinion. If those "protections" are truly adequate and protect the elderly and the poor, then perhaps I'd be OK with it. But even then, I don't know.

[HiPointDem]

1. $100B in military, $130B in SS, $400B in medical. (=$530B cuts in social services, half a trillion)

[gkhouston]

5. So, killing people is roughly five times more important than keeping them alive.

Interesting priorities.

[HiPointDem]

6. that's why they're voting for more killing -- by defunding social programs.

[Mel Content]

2. ANY cuts to SS or screwing with the COLA is UNACCEPTABLE!

Social Security has NOTHING to do with the budget or the deficit.

[Liberal Gramma]

3. I'm going to make the assumption that the SS inflation index is being adjusted downward

This is like the limbo--how much lower can it go? My husband and I are both on SS and our COLA next year will be $17 a month between us. The inflation in grocery and gasoline prices alone is greater than that per week. When they talk about substituting a less expensive commodity to cope with inflation, do these people realize that most seniors aren't substituting sirloin steak for T-Bones or buying Chevy instead of Lexus. The substitutions are more like mac and cheese instead of hamburger, and keeping the old car running a few years longer. You can opt for generic drugs to save a bit, but you can't opt for a generic root canal. I guess the Repugs think that we can all just cash in a few bonds from our trust funds to make up the difference.

[gkhouston]

4. ^^ This. n/t