Fox "straight news" program America Live reported that Republicans have broken from their no-new-taxes position and introduced a deficit reduction proposal to the congressional "super committee" that includes new tax revenue, but completely ignored that they conditioned that proposal on the passage of massive tax cuts.
During today's edition of America Live, Mike Emanuel reported that Republicans on the congressional "super committee," which is charged with reducing the federal deficit over the next decade, offered a "$1.5 trillion package with about $300 billion in new tax revenue," but that the offer "was rejected" by the Democratic members of the committee. But Emanuel, the chief congressional correspondent for Fox News, made no mention of the fact the proposal would make permanent the Bush tax cuts, therefore more than off-setting the tax increases and significantly increasing deficits.
Watch the segment:
But Emanuel's reporting ignores the fact that the Republican-proposed revenue increase would be more than offset by massive tax cuts.
The Washington Post's Lori Montgomery reported yesterday: "Senior Republican aides described the proposal as a 'significant concession' on taxes. But the tax increases would be offset by permanently extending the George W. Bush-era tax cuts past their 2012 expiration date, a move that would increase deficits by about $4 trillion over the next decade."
And the Los Angeles Times reported:
Democrats dismissed the proposal as unrealistic, saying the cost of the income tax breaks would substantially exceed the revenue generated by eliminating or reducing some itemized deductions.
For example, eliminating the mortgage deduction for second homes would generate about $15 billion, while every 1 percentage point reduction in the income tax rate costs about $100 billion over 10 years, budget experts said.
In other words, the Republican proposal for taxes would lower, not raise, tax revenue and would actually increase the deficit. By hiding the fact that the Republican proposal includes massive tax cuts that would more than offset the tax increases, Emanuel makes it seem that Republicans are, in the words of the Washington Monthly's Steve Benen, "showing newfound flexibility and are finally willing to consider a more balanced approach to debt reduction, only to be rejected by Democrats."
That is clearly not the case.