House Republicans offered their own proposal Monday in the heated battle to avert the so-called fiscal cliff, but it was quickly rebuffed by President Barack Obama's administration for not demanding more from the nation's wealthiest taxpayers.
The GOP plan promises $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 Republican leadership aides said. It also pledges $200 billion in savings by revising the consumer price index, a measure of inflation.
House Speaker John Boehner called it a "credible plan that deserves serious consideration by the White House."
The move follows spitting back and forth in recent weeks, with each side claiming the other isn't sincere about striking a deal to avoid automatic tax increases and spending cuts in January, a scenario many economists say would hurt the U.S. economy.