NEWS: FISCAL CLIFF

THE HILL

News from The Hill:

Boehner, House GOP reject debt deal offer from White House 
By Russell Berman, Mike Lillis and Erik Wasson

Speaker John Boehner (R-Ohio) on Thursday rejected a White House offer to avert the fiscal cliff that would include $1.6 trillion in tax increases, $400 billion in spending cuts and a permanent increase in the debt ceiling, Republican aides said.

Aides said the offer was made by Treasury Secretary Tim Geithner and Rob Nabors, a top White House adviser, during their meeting with Republican leaders in the Capitol.

While the Obama administration described the offer as reducing the deficit by $4 trillion over 10 years, Republican told The Hill its tax increases amount to $600 billion more than what the Democratic-led Senate passed earlier this year when it approved legislation that would allow tax rates on top earners to rise.

Read the story here.

 

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