Fiscal Cliff: Obama Makes New Offer

    REDFORD, MI  - DECEMBER 10:  U.S. President Barack Obama speaks about the economy at the Daimler Detroit Diesel engine plant December 10, 2012 in Redford, Michigan. The President and Congress have not yet come to an agreement regarding how to extend the Bush-era tax cuts, which expire at the end of this year (the so-called "fiscal cliff"). Republicans in Congress want the tax cuts to continue to apply to all tax payers, whereas the President wants them to apply only to tax payers who earn less than $250,000 a year.  (Photo by Bill Pugliano/Getty Images)

    Bill Pugliano

    There may finally be an end in sight. President Obama made a counteroffer to avert the fiscal cliff Monday, introducing a proposal that could mean the White House and House Speaker John Boehner are close to reaching a deal. Obama’s new offer now proposes raising tax rates on incomes above $400,000, up from $250,000 in earlier offers. The $2.4 trillion proposal is equally split between revenue and spending cuts, and meets “a dollar-to-dollar demand that Boehner has placed on the scope of the final package,” sources tell Politico. Boehner and Obama reportedly met Monday at the White House, in their third conversation in the past five days to discuss the looming fiscal cliff.

    Read it at Politico