WASHINGTON (AP) — A White House official says President Barack Obama and House Speaker John Boehner are meeting at the White House to discuss the pending fiscal cliff and deficit reduction.
The meeting comes as 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.
The speaker also has offered a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited — conditioned on the president agreeing to $1 trillion in cuts.
Recommended For You
The offer was made Friday after a long impasse. It calls for about $450 billion in revenue from increasing the top rate on income over $1 million.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
