The Daily Caller

The Daily Caller

              President Barack Obama and Vice President Joe Biden makes a statement regarding the passage of the fiscal cliff bill in the Brady Press Briefing Room at the White House in Washington, Tuesday, Jan. 1, 2013. (AP Photo/Charles Dharapak)

Obama schedules potentially ‘catastrophic’ debt-ceiling ‘fiscal cliff II’ for February

Photo of Neil Munro
Neil Munro
White House Correspondent

GOP legislators say they won’t allow him to borrow more money unless he agrees to reform long-term government spending.

For example, various GOP leaders say Medicare should be reformed to give recipients and providers financial incentives to avoid wasteful medical spending, and fewer payments should be made to the wealthiest retirees.

Other activists say the GOP should end the subsidies and tax breaks enjoyed by Democratic-affiliated groups. These include Hollywood companies, universities and nonprofit groups exempt from many income taxes, investors in taxpayer-funded green-energy companies, and the unions’ lobbyists who are indirectly funded by local government’s tax-free bonds, as well as state tax levies that are now exempted from federal taxes.

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