Boehner’s Counter-Offer: No Taxes — Calls Obama’s Bid `La-La Land’

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Speaker of the House John Boehner arrives for his press conference on fiscal cliff negotiations at the Capitol on Nov. 30, 2012.

House Republicans have responded to President Barack Obama’s fiscal-cliff averting offer.

The response lacks the one thing the White House insists will be essential to an agreement:

Higher tax rates for the highest-earning Americans.

The Republicans, rejecting Obama’s demand for tax rate increases, proposed $1.4 trillion in spending cuts and $800 billion in new revenue by limiting tax breaks and capping deductions for top earners.

The Republican proposal, contained in a letter today to Obama from House Speaker John Boehner and other Republican leaders, calls for $800 billion in new revenue over the next decade. It would also cut spending on entitlements such as Medicare and Medicaid by at least $900 billion and save another $300 billion through cuts in discretionary spending, according to the letter to Obama.

The House Republican leaders also proposed saving $200 billion by revising the way cost-of-living increases are calculated for Social Security recipients and others, such as retired federal workers.

Boehner had this to say, personally, about Obama’s pitch to raise $1.6 trillion in taxes: It’s a “la-la land offer, which couldn’t pass the House, couldn’t pass the Senate.”

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