Obama, Boehner meeting at White House to discuss pending fiscal cliff, deficit reduction
White House
Photographer: CNN
Posted: 12/17/2012
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By: Associated Press
WASHINGTON - 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.
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.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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