NEW : McConnell 's spokesman says Obama should give details of his proposal . Comment: Crisis two years in the making . The president is proposing a tax cut for the middle class, which would be paid by closing loopholes and deductions that benefit wealthy people ( corporations ) at the expense of everyone else. The Senate returns to work ; the House will be back in session Sunday . Without a deal , taxes go up and spending gets slashed in the new year .
NEW : McConnell 's spokesman says Obama should give details of his proposal . Comment: The president is proposing a tax cut for the middle class, which would be paid by closing loopholes and deductions that benefit wealthy people ( corporations ) at the expense of everyone else. The Senate returns to work ; the House will be back in session Sunday . Without a deal , taxes go up and spending gets slashed in the new year .