Senate fiscal proposal: $620B in tax hikes, $15B in spending cuts
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While senators were aiming for an early morning vote on their in-the-works fiscal deal, calculations from congressional number-crunchers quickly raised questions about how House Republicans would take it.
In short, according to rough calculations forwarded by a source close to the talks, the proposal would include $620 billion in new tax hikes and $15 billion in net spending cuts.
That kind of lopsided ratio could turn off House conservatives, presuming the bill clears the Senate.
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One Republican predicted House leaders may only be able to attract 70 Republicans in the chamber.
The tax hikes would mostly come from an increase on families making more than $450,000.
The value of net cuts, though, was held back because of the sheer amount of spending in the proposal. Long-term jobless benefits, for example, would be extended for a year, at a cost of $30 billion.
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Fox News’ Ed Henry and Chad Pergram contributed to this report.