POSTED: 12:07 p.m. HST, Nov 29, 2012
LAST UPDATED: 12:10 p.m. HST, Nov 29, 2012
WASHINGTON » Republicans familiar with a new White House offer on avoiding the so-called fiscal cliff say it looks almost exactly like President Barack Obama's budget proposal in February.
GOP aides say Treasury Secretary Tim Geithner 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.
The White House plan calls for $960 billion over the coming decade by increasing tax rates and taxes on investment income on upper-bracket earners and $600 billion in additional taxes.
The aides required anonymity because of the sensitivity of revealing the offer made by Geithner to top Republican lawmakers in meetings in the Capitol today.