WASHINGTON - In a major counteroffer that moves the White
House and congressional Republicans closer to resolving the "fiscal cliff"
standoff, US President Barack Obama is seeking $1.2 trillion from higher tax
revenues, including increased rates on those earning more than $400,000 a year,
a source familiar with the negotiations said on Monday.
In exchange, the
president is willing to agree to $1.22 trillion in spending reductions,
including some cuts achieved by changing the way cost of living adjustments are
made to Social Security retirement benefits and other programs.
this as a good offer that shows we have met the Republicans more than halfway on
spending and halfway on revenues," the source said.
The offer asks for
Congress to increase the national borrowing ceiling for two years using a
parliamentary procedure proposed by Senate Republican leader Mitch McConnell.