House Speaker John Boehner is doing what many rank and file Republicans will call "caving." He's agreed to Obama's plan to let taxes rise on incomes over $1 million, according to an exclusive Politico report.
Boehner's "major concession" was apparently given on condition that Obama "agrees to major entitlement cuts," Politico reveals. It's not clear how that will happen, since Obama has purportedly taken some pretty huge entitlement cuts off the table already – including the idea of raising the Medicare eligibility age.
Many ordinary Americans might be happy to see compromise, but partisans on both sides will be unhappy with Boehner's concession. Boehner will be under pressure from the right to insist on sweeping entitlement cuts. Meanwhile Obama will be under pressure from the left to withhold cuts, and push for his original tax hike on incomes over $200,000.
The reported agreement took place during Boehner's Friday talks with Obama.