In a letter sent to President Obama today, House Republican leaders made a new offer to avert the fiscal cliff centered around a middle ground approach first presented to Congress by President Clinton’s former White House chief of staff, Erskine Bowles. The Bowles plan, presented in 2011 to the Joint Select Commitee on Deficit Reduction, is consistent with the framework House Speaker John Boehner (R-OH) proposed the day after the election: a balanced approach of significant spending cuts and new revenues from tax reform with fewer loopholes and lower tax rates.  This is another attempt to jumpstart substantive, good faith negotiations toward a bipartisan solution that can be enacted soon, a stark contrast to the unserious proposal the White House put forward last week.
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