color me shocked!!!! House GOP proposal on fiscal cliff rejects Obama's tax plan
Washington (CNN) -- Negotiations on a deal to avoid the fiscal cliff got a jump-start on Monday with House Republicans offering a counter-proposal to President Barack Obama, but continuing to reject his call for higher tax rates on the wealthy.
The GOP proposal would result in $2.2 trillion in deficit savings over the next decade, including $800 billion from tax reform, $600 billion from Medicare reforms and other health savings, and $600 billion in other spending cuts, House GOP leadership aides told reporters.
House Speaker John Boehner called it a "credible plan that deserves serious consideration by the White House."
House GOP offers fiscal cliff counterproposal
The move followed a weekend of accusations by both sides that the other was not serious about reaching a deal to avoid the automatic tax hikes and spending cuts scheduled to take effect January 1 -- what is known as the fiscal cliff that economists say will damage U.S. growth.