By Ramsey Cox
Obama introduced his deficit-reduction plan last week, which called for $1.6 trillion in tax increases and $400 billion in cuts to entitlement programs, plus a new $50 billion stimulus plan.
“It is the president’s math that does not work,” Hatch said.
Hatch said the counteroffer Republicans proposed, which reduces the deficit by $2.2 trillion and raises $800 billion in revenue through eliminating tax deductions, wasn’t different enough to risk going over the “fiscal cliff.”
“The difference between the president’s plan and what we’ve proposed, the difference is at the most $68 billion,” Hatch said. “And we’re going to go over the cliff over that? ... I hope not.”
Lawmakers are working on a deficit-reduction plan to avoid the "fiscal cliff," which is set to take place at the beginning of next year when Bush-era tax rates expire and sequestration cuts take effect.