UPDATED: GOP Proposes New 'Fiscal Cliff' Offer To Obama - Spokane, North Idaho News & Weather KHQ.com

UPDATED: GOP Proposes New 'Fiscal Cliff' Offer To Obama

Posted: Updated:

WASHINGTON (AP) - House Republicans negotiating with President Barack Obama on avoiding the so-called fiscal cliff are proposing to increase the eligibility age for Medicare and to lower cost-of-living hikes in Social Security benefits.
    
The proposal is a response to Obama's offer last week to hike taxes by $1.6 trillion over the coming decade but to exempt Medicare and Social Security from cuts to beneficiaries.
    
The GOP plan also proposes to raise $800 billion in higher tax revenue over the decade but would keep the Bush-era tax cuts - including those for wealthier earners being targeted by Obama - in place for now.
    
House Speaker John Boehner said the GOP proposal is a "credible plan" for Obama and that he hopes the administration would "respond in a timely and responsible way."

PREVIOUS STORY:

WASHINGTON (AP) - President Barack Obama and Republicans are playing a game of political chicken as the end-of-year deadline approaches for averting the "fiscal cliff," a combination of expiring tax reductions and across-the-board spending cuts.
    
Obama proposes $1.6 trillion in higher taxes over a decade and heightened presidential power to raise the debt limit. In exchange, Obama proposes $600 billion in spending cuts, including some to Medicare. He also wants $200 billion in new spending to support economic recovery.
    
Based on the rhetoric, an agreement may not come quickly.
    
Treasury Secretary Timothy Geithner says Republicans don't have a plan and should say how much they're willing to raise taxes on the rich.
    
House Speaker John Boehner says Obama's plan isn't serious. He says Republicans have plenty of ideas, but he's not giving specifics.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

  • Most Popular StoriesMost Popular StoriesMore>>

  • UPDATE: Fire west of Quincy now 100% contained

    UPDATE: Fire west of Quincy now 100% contained

    Sunday, September 14 2014 8:39 PM EDT2014-09-15 00:39:03 GMT
    QUINCY, Wash. - Firefights fully contained a brush fire burning west of Quincy Sunday, according to the Washington State Patrol. The brush fire started near State Route 28 Saturday afternoon. It was initially estimated to be 300 acres in size, but more accurate mapping showed it was only 211 acres in size.>>
    QUINCY, Wash. - Firefights fully contained a brush fire burning west of Quincy Sunday, according to the Washington State Patrol. The brush fire started near State Route 28 Saturday afternoon. It was initially estimated to be 300 acres in size, but more accurate mapping showed it was only 211 acres in size.
    >>
  • Will the Northern Lights be visible Friday night?

    Will the Northern Lights be visible Friday night?

    Friday, September 12 2014 10:58 PM EDT2014-09-13 02:58:54 GMT
    SPOKANE, Wash. - We've had a lot of viewers calling in asking about viewing the Northern Lights Friday night. >>
    SPOKANE, Wash. - We've had a lot of viewers calling in asking about viewing the Northern Lights Friday night. Solar flares directed at Earth should put on quite the dazzling light display for the northern part of the country, depending on cloud cover of course. INSIDE>>>|PHOTOS|>>
  • First cases of severe respiratory illness may be in WA state

    First cases of severe respiratory illness may be in WA state

    Friday, September 12 2014 11:53 AM EDT2014-09-12 15:53:33 GMT
    GRANT COUNTY, Wash. - WA State & local Public Health officials are working with Seattle Children's Hospital to investigate a group of patients with a severe respiratory illness who tested positive for enterovirus infection. One patient is a child from Grant County who tested positive for either enterovirus or rhinovirus. The test used does not distinguish between the two.>>
    GRANT COUNTY, Wash. - WA State & local Public Health officials are working with Seattle Children's Hospital to investigate a group of patients with a severe respiratory illness who tested positive for enterovirus infection. One patient is a child from Grant County who tested positive for either enterovirus or rhinovirus. The test used does not distinguish between the two.
    >>