GOP issues a new 'fiscal cliff' offer to Obama
WASHINGTON – House Republicans on Monday proposed a new 10-year, $2.2 trillion blueprint to President Barack Obama that calls for raising the eligibility age for Medicare and lowering cost-of-living hikes for Social Security benefits, a counteroffer to jump-start stalled talks with the "fiscal cliff" just weeks away.
The proposal from House Speaker John Boehner, R-Ohio, and other Republicans comes in response to Obama's plan last week to raise taxes by $1.6 trillion over the coming decade but largely exempt Medicare and Social Security from budget cuts.
The GOP plan also proposes to raise $800 billion in higher tax revenue over the decade but it would keep the Bush-era tax cuts — including those for wealthier earners targeted by Obama — in place for now.
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