Most Democrats are expected to oppose the plan, even though they’ve supported such measures in the recent past.
Obama said he plans to reach out to congressional leaders of both parties in the coming days to “find out what is holding this thing up” after, he said, he met Boehner more than halfway.
“Frankly up until about a couple of days ago, if you looked at it, the Republicans in the House and Speaker Boehner I think were in a position to say: ‘We’ve gotten a fair deal,’” Obama said. “There’s been a lot of posturing up on Capitol Hill instead of just going ahead and getting stuff done. We’ve been wasting a lot of time.”
The two had begun to coalesce around a plan that would raise taxes for households with annual incomes of more than $400,000, cut spending $2.1 billion and apply a less-generous measure of inflation to Social Security and other programs to lower cost-of-living adjustments. But Republicans are skeptical of the White House’s calculations on budget cuts, raising questions about the savings on interest.
“What I’ve said is that in order to arrive at a compromise, I am prepared to do some very tough things, some things that some Democrats don’t want to see and probably there are a few Republicans who don’t want to see, either,” Obama said.
Obama is scheduled to leave Friday for Hawaii for the holidays, but he plans to stay in Washington if no deal is reached.
Failure to reach a deadline by the end of the year would mean that $500 billion in tax increases take effect early next year, coupled with $109 billion in spending reductions, the first installment toward $1.2 trillion in cuts over two years.