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.
Fiscal Cliff J. Scott Applewhite / AP Photo