House Republican leaders on Monday submitted their counteroffer to the White House in the so-called fiscal cliff negotiations, a proposal that would would extend Bush era tax rates for all Americans and include $2.2 trillion dollars in savings; $800 billion via tax reform, $900 billion via entitlements and $300 billion in other cuts.
President Obama has so far firmly maintained that any deal must include the expiration of Bush era tax rates on top earners.
“It’s not acceptable to me, and I don’t think it’s acceptable to you, for just a handful of Republicans in Congress to hold middle-class tax cuts hostage simply because they don’t want tax rates on upper-income folks to go up,” he said in Pennsylvania on Friday.
Read the full three-page letter addressed to President Obama from House Speaker John Boehner here.
