Wednesday, December 5, 2012
The top Republican negotiator in talks with President Barack Obama on avoiding economy-jarring tax increases and spending cuts says it's time for the White House to respond to Monday's GOP offer.
House Speaker John Boehner says that "we can't negotiate with ourselves." The GOP plan mixes $800 billion in higher tax revenue with cuts to Medicare and a stingier cost-of-living adjustment for Social Security benefits.
The White House has dismissed the GOP plan since it fails to raise the top two tax brackets for upper-income earners -- a core campaign promise of Obama's and a central demand in the current talks. So far, Republicans say that is a step they're unwilling to take.