12/02/2012 11:08 am ET Updated Dec 02, 2012

Paul Krugman: GOP Fiscal Cliff Offer 'Pathetic'

Paul Krugman offered a harsh analysis of the Republican plan to deal with the "fiscal cliff."

"This is pathetic – and these people are definitely not serious," he wrote on Sunday.

According to Krugman, specifics offered by Senate Minority Leader Mitch McConnell just aren't enough to balance the budget. They also put seniors at risk, he said.

"What we’re looking at overall is a saving equal to only about one-fifth of what Obama is proposing to raise by higher taxes," he wrote.

McConnell told the Wall Street Journal on Friday that Republicans are seeking to raise to the Medicare age and modify Social Security. In return, they'd agree to an increase in tax revenue-- but not from higher tax rates.

Republicans and Democrats are at odds over how to address the fiscal cliff. President Obama has repeatedly pushed for higher taxes on the rich. However, House Speaker John Boehner told 'Fox News Sunday' that negotiations are going "nowhere." Treasury Secretary Timothy Geithner told NBC's 'Meet The Press' that he expects Republicans to eventually agree to tax increases.

"The ball really is with them now," Geithner said.



People Who Led Us To The 'Fiscal Cliff'