White House proposes $1.6T tax increase, GOP says

Treasury Secretary Timothy Geithner testified on Capitol Hill in Washington before the Senate Finance Committee hearing on President Barack Obama's fiscal 2013 federal budget. GOP aides say Treasury Secretary Tim Geithner today presented an offer calling for $1.6 trillion in new tax revenue over the coming decade, extending the 2 percentage point payroll tax deduction or something comparable to it and $50 billion in stimulus spending on infrastructure projects.