READ: The White House’s fiscal cliff proposal

Republican aides are circulating what they say is the White House's opening bid on the fiscal cliff. Here's a summary of the main components:

STAGE ONE

Taxes

  • Immediate increase in both top marginal rates, as well as capital gains and dividends: +$960 Billion
  • Additional taxes: +$600 Billion
  • 2009-level estate tax
  • AMT and business tax extenders: -$236 Billion
  • Payroll tax extension or alternative policy: -$110B
  • Bonus depreciation extension

Spending/Extras

  • $50 billion stimulus package in FY13
  • Mass refi mortgage proposal
  • Deferral of sequester
  • Savings from non-entitlement mandatory programs
  • Extension of unemployment insurance: $30 billion
  • Medicare SGR Patch: $25 Billion
  • Increase in the debt limit to avoid requiring Congress to vote to increase

STAGE TWO:

  • Tax reform consistent with $1.6 trillion tax increase
  • Entitlement policies from President's FY13 budget that could total $400 billion in savings

*UPDATE: Here's a comment from White House spokeswoman Amy Brundage: "Right now, the only thing preventing us from reaching a deal that averts the fiscal cliff and avoids a tax hike on 98 percent of Americans is the refusal of Congressional Republicans to ask the very wealthiest individuals to pay higher tax rates.  The President has already signed into law over $1 trillion in spending cuts and we remain willing to do tough things to compromise, and it’s time for Republicans in Washington to join the chorus of other voices—from the business community to middle class Americans across the country—who support a balanced approach that asks more from the wealthiest Americans.”

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