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GOP Makes Counteroffer in Cliff Talks

Wall Street Journal (12/04/12) Janet Hook; Carol E. Lee; Damian Paletta

Immediately rejected by the White House, a plan issued by U.S. House Republicans on Dec. 3 to avert the “fiscal cliff” calls for $800 billion in increased tax revenue, $600 billion in cuts to Medicare and other health programs over a decade, and slower growth in Social Security benefits. The White House says nothing new was proposed, and it continues to pressure Republicans to raise tax rates on upper-income Americans. The plan did not address $110 billion in defense and discretionary spending cuts slated for Jan 2.