Joe Manchin offers a last-minute Great Fiscal Cliff Compromise:
Manchin said his bill, the Cliff Alleviation at the Last Minute Act, — the CALM Act — would slowly phase in the tax rate increases and allow the Office of Management and Budget (OMB) to propose substitute cuts to replace sequestration.At least he seems to have one...
Manchin’s proposal comes as lawmakers neared their year-end deadline to avoid January’s tax hikes and across-the-board cuts. Senate Majority Leader Harry Reid (D-Nev.) said there would be no votes on Sunday, but added that negotiations for a final deal were still underway.
“If we’re determined to go over the cliff, we’ve got to do something to soften the landing, because at the bottom of the fiscal cliff are immediate and massive tax increases, deep and indiscriminate spending cuts, and the risk of another recession,” Manchin said on the floor Sunday.
He added that he was not “excited about or proud to offer” the bill, describing it as “merely a better plan than going over the cliff.”