Obama's new offer in intensifying "fiscal cliff" talks with House Speaker
Obama's offer, in a 45-minute
The latest offer brings Obama closer to a plan proposed by Boehner Friday, and both sides told the Times they were confident Obama and Boehner were closing in on a major deficit-reduction plan that could be passed before
Boehner aides told the Journal Obama's offer still asked for too much tax revenue and not enough spending cuts.
Boehner was to meet with House Republicans Tuesday morning to discuss the talks, senior
As part of the latest offer, Obama agreed to accept a
To soften Democratic resistance to the formula change, Obama's plan would include protections for beneficiaries deemed "most vulnerable," the Journal said.
Obama's offer did not include raising the
His offer also called for increased infrastructure spending, a temporary extension of unemployment insurance benefits and a permanent extension of other tax breaks that expire at the end of the year, the Journal said.
But his offer does not include a push to continue the current payroll tax cut, the Journal said. That means the amount of tax paid by virtually all earners would likely increase next year.
A temporary payroll tax cut, in place the past two years to help boost the economy, expires
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