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Fiscal cliff: Progress reported since Boehner offer

9:48 AM, Dec 17, 2012   |    comments
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WASHINGTON  --  White House and congressional aides have worked through the weekend on ways to avoid the "fiscal cliff," and there are signs of movement.

There's word that House Speaker John Boehner is offering $1 trillion in higher tax revenue over 10 years, and an increase in the top tax rate on people making more than $1 million a year.

Boehner is looking for $1 trillion in spending cuts from government benefit programs like Medicare. He's also pressing for a less generous inflation adjustment for Social Security benefits.

The details come from officials familiar with the offer.

Officials say Boehner's offer on Friday also includes a large enough extension in the government's borrowing cap to fund the government for one year before the issue would have to be revisited. But President Barack Obama would have to agree to the $1 trillion in cuts.

One Democratic aide in Congress says there's apparently been "good progress" since the offer was made.

The Associated Press

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