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Obama said he wanted to let the tax cuts passed under President George W. Bush--in 2001 and 2003--to expire at the end of 2010, but just for individuals earning more than $200,000 annually or couples earning more than $250,000. This plan would raise tax rates on the wealthiest 2% in the country.
Instead, the GOP wants to enact a two-year freeze on all current tax rates for families and small businesses. The Republican plan to extend tax cuts for everyone would add more than $36 billion to the federal deficit next year, according to a recently released congressional analysis.
Boehner also recommended that the government pass a bill to cut 2011 spending to 2008 levels, before the federal bailouts and Obama's $814 billion stimulus plan. The GOP believes the bill will provide the fiscal discipline needed to encourage private sector job creation and prevent a lame-duck Congress from creating another spending bill after the November elections. Later this month, House Republicans will lay out a concise plan focused on getting the unemployed working again, reduce government spending and ease small businesses uncertainty.
While both Democratic and Republican proposals will add to the deficit, Obama's proposals, which include spending of transportation infrastructure, will cause a smaller increase.
Read more about Obama' economic plans in his September 8 speech from the archives of InvestmentAdvisor.com.