OVERNIGHT MONEY: Deal or no deal

“If House Republicans consider the President’s budget a ‘new’ offer, then we await their counteroffer. The ball is now in their court to state what they would do on entitlements and taxes. They have given no specifics so far.”

Geither and Nabors spent most of the day in offices of all four leaders — Boehner, House Minority Leader Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.).

In the end, Thursday seemed mostly filled with door-slamming.

After meeting with Geithner, Boehner said there had been “no substantive progress” in the negotiations since leaders met with President Obama about two weeks ago.

He said there was no way Republicans would accept any tax increases and he suggested that the White House “get serious” and offer up specific spending cuts.

McConnell (R-Ky.) echoed those comments after his meeting with the Treasury secretary, saying that Obama should stop campaigning and get down to the business of crafting a solution. 

Obama heads to Pennsylvania on Friday to hawk his tax plan — letting tax breaks expire for those making $250,000 a year and higher — to the public. 

The White House jumped into the fray by reiterating on Thursday there will be no deficit deal unless Republicans agree to raise tax rates.

So there was no budging on that front. 

Pelosi then pushed back hard against Republican dissertations that Democrats have failed to offer specific cuts and suggested, along with Senate Democrats, that Republicans provide more specifics for their plan to generate new revenue and rework entitlement spending. 

Leader Reid (D-Nev.) said he didn't understand why there was such a big disconnect between himself and Boehner, and pressed for House Republicans to offer more specifics on what should be part of an agreement.

“I don’t understand his brain, so you should ask him,” Reid said.


New blood: The House GOP Steering Committee approved six new members for the powerful House Appropriations Committee on Thursday. Reps. Jamie Herrera Beutler (Wash.), Chuck Fleischmann (Tenn.), Jeff Fortenberry (Neb.) and Tom Rooney (Fla.), as well as freshmen David Joyce (Ohio) and David Valadao (Calif.), will be on the roster next year. None of the members are bomb throwers likely to challenge Chairman Hal Roger (R-Ky.) in the way that Rep. Jeff Flake (R-Ariz.) has over the past two years. Flake will join the Senate in January. 


Personal income: The Commerce Department releases October figures on personal income, which measures income from all sources. The largest component of total income is wages and salaries, which is estimated using payrolls and earnings data from the employment report.


— White House: Deduction cap not enough revenue

— House Dems introduce bill merging SEC, CFTC

— Baucus: At least $1 trillion needed in cliff deal

— Sen. Johnson strongly suggests 2014 reelection bid

— Pending home sales hit five-year high

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