Yes, you are reading that correctly.
WASHINGTON D.C. – The first serious proposals from the White House to solve the looming “fiscal cliff” of tax rises and budget cuts appear to have been rejected out of hand by Republican leaders in Congress.
Treasury secretary Timothy Geithner is reported to have offered a set of proposals that include increasing tax rates on the wealthy, a one-year postponement of scheduled cuts in defence and domestic spending, and $400bn in savings from *Medicare and other entitlement programmes.
*[I’ll post about their Medicare cut strategy soon. It’s machavellian, it’s so good]
The proposals from the White House – the first to use hard numbers – include a $1.6 tn tax increase, a $50bn stimulus package and new presidential powers to raise the federal debt limit without congressional approval. (more…)











For 15 years, teachers in three Southern states paid Clarence Mumford Sr. (pictured left) — himself a longtime educator — to send someone else to take the tests in their place, authorities said. Each time, Mumford received a fee of between $1,500 and $3,000 to send one of his test ringers with fake identification to the Praxis exam. In return, his customers got a passing grade and began their careers as cheaters, according to federal prosecutors in Memphis.