White House officials introduced a plan to address the fiscal cliff last week in private meetings with Democratic leaders, though the White House itself is not ready to endorse it. The plan would delay defense spending cuts for six months, but would extend Bush tax cuts for a year only for those earning under $250,000 annually, according to Fortune. The plan comes as a response to Republican proposals to extend all Bush tax cuts, which the GOP will likely bring to vote next month.
Analysts project that the spending cuts and expiring tax breaks due to take effect in January will drive the U.S. back into recession, trimming four points off economic activity. The administration's proposal would put Republicans in conflict with two GOP priorities: protecting defense spending and protecting high-income earners.
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