Barack Obama, as US President, and John Boehner, as US Representative of Ohio and House Speaker/AP
It looks like another day of back-and-forth Tuesday
between President Obama and House Speaker John Boehner over the fiscal
Boehner meets with House Republicans to discuss Obama's
latest offer, amid remaining -- but narrowing -- differences over tax
rates and spending cuts.
Aides to Boehner said the president's
latest offer features $1.3 trillion in tax revenues and $930 billion in
spending cuts; the Republicans want a one-to-one ratio.
to continue discussions with the President so we can reach an agreement
that is truly balanced and begins to solve our spending problem," said
Boehner spokesman Brendan Buck.
Sources familiar with the talks
describe the White House plan differently, saying it includes $1.2
trillion in new tax revenues and $1.22 trillion in spending reductions.
The latter includes revisions in the way Social Security cost-of-living
increases are calculated.
Both parties are trying to get a debt
reduction deal before the end-of-the-year deadline for the fiscal cliff,
a series of automatic tax hikes and budget cuts that are currently set
to take effect.
Any agreement must get through both the House and
the Senate, and that may not be easy. Sen. Bob Corker, a Republican from
Tennessee, told CNBC on Tuesday morning that "I'm really surprised by
the reporting this morning ... We're not close to a deal."
Obama plan also calls for higher tax rates on Americans who make more
than $400,000 a year, which is a change. The president had once called
for higher tax rates over $250,000 annually.
Boehner, who once
opposed any increase in the tax rate, has now offered increasing only
the top tax rate, affecting Americans who make over $1 million.
reported White House plan calls for $1.2 trillion in new tax revenue.
Boehner's number, which includes ending certain tax loopholes and tax
deductions, is closer to $1 trillion.
White House officials haven't discussed the details of the talks, but say they are hopeful of a deal.
President believes that the parameters of a potential agreement are
clear," said White House spokesman Jay Carney. "He believes that a deal