The Note's Must-Reads for Tuesday, December 4, 2012

The Note's Must-Reads are a round-up of today's political headlines and stories from ABC News and the top U.S. newspapers. Posted Monday through Friday right here at

Compiled by ABC News' Carrie Halperin, Jayce Henderson, Amanda VanAllen and Will Cantine

FISCAL CLIFF ABC News' Shushanna Walshe: " Will Mortgage Deduction Survive Fiscal Cliff?" When politicians talk about closing tax loopholes, it seems like they're targeting greedy corporations. But they're also talking about Jaclyn Picarillo, 33, mom of two and American homeowner. LINK

The New York Times' Jonathan Weisman: " Republicans Make Counteroffer in Fiscal Talks " Republican Congressional leaders on Monday countered President Obama's deficit reduction proposal with a plan of their own that is far heavier on spending cuts but embraces $800 billion in new taxes over the next 10 years. The counteroffer represented an acknowledgment by Republicans that they had to issue their own proposal to head off around $600 billion in automatic tax increases and spending cuts next year, a fiscal combination that could send the economy back into recession. LINK

The Washington Post's Lori Montgomery: " Boehner, House GOP leaders offer 'fiscal cliff' counterproposal" House GOP leaders endorsed a debt-reduction plan Monday that would raise tax collections by $800 billion over the next decade, but they refused to budge on higher tax rates for the wealthy, the central issue dividing Republicans and Democrats. In making a counteroffer to President Obama, House Speaker John A. Boehner (R-Ohio) and other senior Republicans suggested that a framework laid out by Democrat Erskine Bowles last year could serve as a starting point for talks aimed at averting the year-end "fiscal cliff." LINK

The Hill's Russell Berman: " House GOP makes a $2.2 trillion debt counteroffer to Obama on cliff" House Republican leaders on Monday made a counteroffer to President Obama in the "fiscal cliff" negotiations that would cut $2.2 trillion from the deficit with a combination of spending cuts, entitlement reforms and $800 billion in new tax revenue. Republican officials said their 10-year plan contained more deficit reduction than the offer the White House presented last week while standing firm against Obama's demand to increase tax rates on the wealthy. LINK

USA Today's Susan Davis: " GOP's $4.6T 'Fiscal Cliff' Counterproposal Rebuffed" House Republicans sent a counterproposal to avert the "fiscal cliff" to the White House on Monday outlining a $4.6 trillion deficit reduction proposal without raising tax rates. LINK

The Wall Street Journal's Damian Paletta: " Despite The Name, Drop Not So Steep" With the country inching closer every day to the edge of the fiscal cliff, the precise calendar for the rest of the legislative year, and the beginning of the next one, is becoming increasingly important. The cliff's scheduled spending cuts and tax increases-due to go into effect in the New Year if Congress can't agree on a deficit-reduction package-represent the beginning of a steady tumble rather than a sharp free fall, since policy makers face a number of other fiscal challenges with different deadlines in 2013. LINK

The Boston Globe's Matt Viser: " House GOP counters Obama's fiscal plan" House Republicans on Monday laid out their proposal to avert a potential austerity crisis, countering what they ridiculed as a "La-La Land offer" from President Obama with one calling for almost twice as much in spending cuts and half as much revenue increases. The Republican plan, outlined in a three-page letter sent to the White House, sets out to raise $800 billion in new revenue over the next decade through closing unspecified tax loopholes and cut $1.2 trillion through a battery of changes that could include raising the eligibility age for Medicare. In addition, House Republicans proposed saving $200 LINK

The Washington Times' Stephen Dinan and Seth McLaughlin: " Democrats shrug off Republicans' 'fiscal cliff' counter" House Republican leaders delivered a $2.2 trillion "fiscal cliff" counteroffer to President Obama on Monday that included $800 billion in tax increases, but the White House and congressional Democrats said that still isn't enough revenue to begin negotiating. The GOP outline, which came in a letter from House Speaker John A. Boehner and his top lieutenants to Mr. Obama, called for $900 billion in cuts to projected entitlement spending and would also use a lower inflation measure to calculate future Social Security benefits. LINK

OBAMA/ROMNEY ABC News' Michael Falcone and Amy Walter: " New Revelations From Obama/Romney Campaign on Immigration, Facebook And That Eastwood Speech" The 2012 election cycle came full circle last week when representatives from the Obama and Romney campaigns, as well as top advisers to many of the GOP primary candidates and several influential outside groups, gathered at the Harvard Kennedy School of Government for a 2012 debrief - finally answering some of the lingering questions about the race. LINK

IMMIGRATION Politico's Anna Palmer and Carrie Budoff Brown: " Hispanic megadonors launch group for immigration" President Barack Obama won reelection with overwhelming support from Hispanics - and now Latino megadonors aligned with the White House are trying to mobilize that community behind his second-term agenda. They're working feverishly behind the scenes to launch an organization that will focus on passing comprehensive immigration reform - the latest attempt to create a new group to assist an administration that often prefers to deal with its allies instead of entrenched, inside-the-Beltway organizations. LINK

CAMPAIGN FUNDS Bloomberg's Julie Bykowicz: " Post-Campaign Super-PAC Cash still Flowing to Consultants" More than five months after Newt Gingrich dropped out of the Republican presidential primary, the founder of the super-political action committee backing him was still drawing a check. In fact, almost half of the $480,000 Rebecca Burkett paid

ABC NEWS VIDEO " Heading Towards The Fiscal Cliff" LINK " Washington, D.C. Gridlocked As Fiscal Cliff Approaches" LINK " What Exactly Did Obama Promise Voters On Tax Hikes" LINK " 'Fiscal Cliff' Negotiations: White House Says Ball Is In The GOP's Court" LINK

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