President Obama will begin talks with congressional leaders Friday with a plan to raise $1.6 trillion in new tax revenue from the wealthy – making clear that, at least at the outset, a wide gulf remains between congressional Republicans and the White House on the most contentious point in the negotiations.
While Obama said last week he is not wedded to every detail of his previous proposals, the White House said Tuesday that it did not intend to provide any new plan or make any concessions ahead of the negotiations.
Rather, Obama will present his 2013 budget as his starting point – a plan that sought to reduce borrowing over the next 10 years by $4 trillion.
“We know what a truly balanced approach to our fiscal challenges looks like,” Press Secretary Jay Carney said Tuesday. “The president has put forward a very specific plan that will be what he brings to the table when he sits down with congressional leaders.”
Obama and top lawmakers from both parties will begin negotiations on the fiscal cliff, a series of automatic tax hikes and spending cuts at year’s end.
His plan called for allowing tax rates to increase on the wealthy, imposing a new special tax on millionaires and limiting deductions for the wealthy.