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Source: In new 'cliff' bid, Obama seeks $1.2t. in revenue

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."We view 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.
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