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Fiscal Cliff Dems Rebuff GOP Counteroffer J. Scott Applewhite / AP Photo

Dems Rebuff GOP Counteroffer

A White House spokesman responded to the GOP's fiscal cliff counteroffer late Monday, saying it "does not meet the test of balance." Erskine Bowles of the Simpson-Bowles deficit commission also criticized the offer. The proposal from House Republicans calls for $800 billion in tax increases, about half of what Obama proposed, which Republicans say can be achieved without raising tax rates. The proposal cuts $4.6 million from the deficit over ten years and saves $600 million from Medicare and other health programs.

December 3, 2012 10:21 PM