TightWind is written by Kyle Baxter. Stay Hungry. Stay Foolish.

Josh Barro criticizes the Republican fiscal cliff counteroffer:

The letter says Republicans want to cut $900 billion from mandatory spending and $300 billion from discretionary spending, but they don’t say what or how they want to cut. The letter nods toward a proposal sketched out by Erskine Bowles, the cornerstone of which is a gradual increase in the Medicare age, but it lacks specifics.

On the tax side, they agree to $800 billion in new revenue from “pro-growth tax reform that closes special-interest loopholes and deductions while lowering rates.” But they don’t endorse specific loophole closures or propose a new rate structure.

Nonsense, and not going to cut it. Republicans need to make a serious proposal and go from there. This isn’t it. Obama’s proposal may have been a slap in the face, but at least it has specifics.

My preference would be for Republicans to agree to some combination of rate increases and a reduction in deductions, somewhere around $1 trillion, along with specific entitlement spending reductions.