(CNN) - House Republican leaders will meet Wednesday with business leaders including Erskine Bowles, Republican aides on Capitol Hill said Monday, as congressional leaders work to avert a plunge off the so-called "fiscal cliff."
Bowles was the Democratic co-chairman of President Barack Obama's 2010 deficit reduction panel. After the commission's recommendations failed to garner enough support, Bowles and the Republican co-chairman of the group, Alan Simpson, went on to found the group Campaign to Fix the Debt.
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The meeting will be attended by other business leaders associated with the group, an aide said.
That group has advanced a set of principles for debt reduction that are consistent with the principles outlined after the election by House Speaker John Boehner, one Boehner aide pointed out to CNN.
In a statement after top congressional leaders met with Obama at the White House, Fix the Debt's president Maya MacGuineas said the group "is not pushing any one plan in particular," but supports a solution which: raises revenue by tax reforms including "broadening the base, lowering rates and closing loopholes;" as well as reduces "wasteful" federal spending and reforms entitlement spending.
The meeting will be hosted by Majority Whip Kevin McCarthy, R-California., an aide to McCarthy said. The GOP Whip has held separate discussions with small business groups on the fiscal cliff.
In a statement on the upcoming meeting, Boehner said, "People in both parties agree we need a 'balanced approach' to deal with our deficit and debt and help our economy create jobs. As we've seen in recent days, the American people support an approach that involves both major spending cuts and additional revenue via tax reform with lower tax rates. We look forward to talking to Mr. Bowles and other members of the coalition about their ideas to avert the 'fiscal cliff' without tax hikes that target small businesses and cost jobs."
Obama met separately with business and labor leaders earlier this month at the White House.
Since the meeting at the White House on the Friday before Thanksgiving, the discussions on Capitol Hill have been mostly at the staff level, but Obama did call Boehner and Senate Majority Leader Harry Reid, a Democrat, on Saturday. So far there are no plans for another meeting of top leaders and the president at the White House.
The fiscal cliff is a collection of spending cuts and tax increases that are scheduled to take effect in the new year absent congressional action. Economists predict going off the cliff would put the U.S. economy into recession.
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First thing out of their mouths: "You told us that if we helped keep the economy bad, sat on all our capital, laid off as many people as possible, spent billions on lobbying and funded all your candidates, that we'd be looking at a GOP in control of the entire Federal gov't and free to give us all the tax cuts and subsidies and loopholes and deductions we could ever dream of and a massive deregulatory policy that would mean billions in profit. Instead, you lost and we're now in a position that requires us to accept tax reform that raises our rates and gets rid of all our special treatment....not to mention responsible regulations to keep the air and water clean, etc. EXPLAIN YOURSELVES."
>The fiscal cliff is a collection of spending cuts and tax increases that are scheduled to take
>effect in the new year absent congressional action. Economists predict going off the cliff
>would put the U.S. economy into recession.
but this is where obama and the democrats have lead us. it must be a good thing. there is no cliff, just reality. they wanted a balanced approach well here you have it, massive taxes and some cuts, none of which come close to addressing the deficit of a trillion dollars. i don't understand why the democrats aren't jumping for joy at the prospect of all these new taxes to pay for all their large government programs.
Maybe the right-wing weasels are now more afraid of the voters than the wrath of the Tea Party, the N.R.A. and the fat-cats trying to buy the election... Could if be that an anti-women, anti-gay, anti-minority, anti-science, anti-environment, anti-47$%, anti-consumer protection, anti-healthcare, and even anti-contraception (really) platform is a bad idea in 2012? Who knew?
Hey CEO"s Listen up !!! LOL.... The POTUS was re-elected ! Guess what now ? LOL... President Obama and Elizabeth Warren are comming after you guys big time now. There's no more screwing the middle class and the poor anymore. I like watching you guys running scared. Your like a bunch of spoiled-brats, you want MORE, MORE ! You have plenty of money to last you and your great, great, great grandchildren all lifetime futures and none of them will have to lift a finger to work for it period. Now we get a chance to get to where your at for the first time in 25 years. GAME ON !!!
Hey CEO"s Listen up !!! LOL.... The POTUS was re-elected ! Guess what now ? LOL... President Obama and Elizabeth Warren are comming after you guys big time now. There's no more screwing the middle class and the poor anymore. I like watching you guys running scared.
You do realize if they do run, they take their money with them, right? Who will loan you money for your house and car when the deposits go overseas? Be very careful what you ask for, you might just get it.
The GOP live in an alternate universe. Listening only to those of like mind only reinforces that in which you believe. The views and beliefs that you hold will never be challenged and the individual severely impedes their ability to grow. The right has truly done themselves more harm than good by constructing this echo chamber, for individuals who cherish personal freedom, they surely surrendered theirs to the media elites who operate and profit handsomely from this echo chamber.
I believe, as a Libertarian/Independent voter, that BIG government should be trimmed, absolutely.
But not at the expense of the elderly and less fortunate in our country.
This "war on drugs" needs to end.
All this government intrusions into our bedrooms and personal lives needs to end.
All the government fraud and waste needs to be addressed.
If we could get our government leaders to actually l e a d for a change, we would all be better off.
There is not enough room here to describe or explain my thoughts on the way all "our" political cliffs are being handled. Follow the dollar people and the most dollars wins every time in D.C. or wherever. Tax payer revolt anyone??? Duh???
What "broadening the base" really means is "taxing more of the poor and keeping taxes low for the wealthy." The wealthy already pay a lower overall tax rate than the poor because they are able to take advantage of investments that they pay the lower capital gains tax rate on. Asking them to compensate by paying a higher rate on ordinary income is not "soaking the rich," it's just establishing a fair tax rate for all.
@just sayin – You are yet another conservative living in an alternative universe. The deal Boehner walked away from had about $3 in cuts for each $1 of revenue. Of course, you think we are going to get "massive taxes and some cuts". All the GOP has to do is say yes. Now that all the game playing at the expense of the American people didn't work (the President reelected and Democratic gains in the Senate and House), perhaps the Republicans will compromise in good faith – but I'm not holding my breath.
@Tommy G: " Who will loan you money for your house and car when the deposits go overseas?" You do realize that the rest of the industrialized world has even higher tax rates on the wealthy and much more extensive social programs than the US, right? Exactly where do you think they are going to go? This is the REAL WORLD, not some "Atlas Shrugged" fantasy.
@just sayin – You are yet another conservative living in an alternative universe. The deal Boehner walked away from had about $3 in cuts for each $1 of revenue.
why do you lie? can you specify what specific cuts to >>current<< spending were to be done? there were none, zero, nada. future cuts or cuts in growth are not cuts. they cannot be enforced on future congresses or presidents. taxes are immediate and sure. just more of the same democrat lies and tricks from the party of no budget, just spend and borrow and tax more and more and more....
oehner said, "People in both parties agree we need a 'balanced approach' to deal with our deficit and debt and help our economy create jobs. As we've seen in recent days, the American people support an approach that involves both major spending cuts and additional revenue via tax reform with lower tax rates. ....
Boehner the American people said a balanced approach, TRANSLATION: MASSIVE tax increasesa on the deadbeats that pay you off. Real business leaders pay their taxes. The corporate communists thjat you are meeting with steal on taxes, steal from their stockholders assets. Real tax reform includes keeping the corporate commies from converting the assets of Capitalists, those who BUY their stocks, from being stolen by CEO,s people who support raping the capitalists. We do not care what these people want, we want you to raise THEIR taxes and RAISE them NOW and STOP them froim SYEALING our assets as they have done since Ronald Reagan began financing these wastrels by his so-called tax reform. He reformed the wealth of our Nation right into the pockets of Romney and Co.
@Tommy G........you do realize that most of the people we are talking about have to leave the country now if they want to visit their money don't you? And they are just sitting on their money........they are not using it to expand business, create jobs, or make loans.......they are just sitting and colloecting interest without having to worry about paying taxes on it. Sweet deal for them......not so much for the rest of the country.
@Tommy G: " Who will loan you money for your house and car when the deposits go overseas?" You do realize that the rest of the industrialized world has even higher tax rates on the wealthy and much more extensive social programs than the US, right? Exactly where do you think they are going to go
Depends on how they make their money. Switzerland is one alternative. Rich people have all the alternatives opened to them. Poor people have cannot borrow money from other poor people. Drive away capital and you drive away the life blood of the economy. If you want to guarantee a broken economy, high unemployement and eventually a bankrupt country, keep following the Obama/Democrat path. 100% guaranteed.
We are going over the cliff sooner or later. Isn't the debate only about the time we all go over? How much road do people think there is to keep kicking the can down? Do you all honestly think you can keep growing government, taking more and more from fewer and fewer people while a majority pay nothing or get money?
Bettter to go off the cliff while it is only 10 feet high and survive, than to wait and jump when it is 100 feet high and death is assured.
the right is still trying to keep the Bush tax cuts. Unless we let them expire everyone has lost. It's such a joke to hear any of the lame arguments about keeping the tax breaks that even Bush intended to be temporary. They didn't do anything for anyone outside the financial industry. They simply can't. Tax breaks have never brought on one single job ever. Opportunity brings them. Get the corporations out of our pockets not the Govt. Banks used to pay interest. Now they just charge fees. There is a limit to the blood you can get out of a turnip. We have been bled dry. Now the rich have a staggering amount of wealth and have done nothing to make jobs of even give us half assed products.
Somebody should give the Moslem brotherhood bro rover nitwitquest the beat down the slimball deserves ,he is a subversive gop lobbyist who deserves only contemp from all us citizens and who would you rather support you ,the American voter or the slim ball norquest ,.anybody the rover supports has just recieved the kiss of death in the next elections!!!!
this also shows that that so called cliff is a Joke – In truth, the fiscal cliff is nothing more than an arbitrary deadline created by Congress to be replaced with a dramatic flourish and, yes, another arbitrary deadline set a bit further in the future. It’s a shell game created by political con men who have come to believe their own cons.
So people, relax about the over-hyped New Year’s Eve countdown for budget negotiations. Results matter, not the timetable.
@tommy they will hv 2 bring their $ back from tax havens and start paying fair wages! Ppl shouldnt hv 2 feel shame 4 working at mcd's or walmart. Sam walton was a grt man and business owner. He knew the value of his workers and use 2 gv insintives 4 staying w his company. Sam did no favors 4 his kids they hadnt learned anything from their dad. Think he would b highly ashamed of his kids now. Dessent wage for quality work. Corp will get the pic once again. They hv made $ hand over fist and shoved it n the pockets and ran as fast as they could. Min wage n this country needs 2 b $11 and respect 4 workers needs 2 b n for-front again.
Tommy g, we hope they take their money and run ,maybe they can lend it to the Greeks ,the rich are going to pay more one way or the other the free ride is over !!!!!
progressive tax for Medicare and SS. Get rid of the SS ceiling. Put the tax rate for those over $250,000 back were it was in 1954. Rebuild the infrastructure.
Let the greedy wealth class pay their fair share or they can run to France and get their taxes tripled
Raising taxes on the small business owner will NOT cause him to suddenly start expanding his business or hiring additional help. I spent 55 plus years in the small business community and with narrow profit margins from trying to compete with the "big boxes" you have to look at every single threat in the way of taxes, regulations, or confidence trends just to survive.
And y dont all states pay income taxes? Like texas doesnt but on of the biggest 'taker' state and they hv oil! Wt?
...is fiscal reality called a "cliff". collecting taxes for what you spend or reducing spending to match what you collect in taxes. most average americans face the "cliff" every day of their lives and learn ot manage their money. some do not and end up in bankruptcy. why can't washington act like most average americans and learn to live within its means?