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Movement seen in 'fiscal cliff' talks

8:30 PM, Dec 16, 2012   |    comments
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WASHINGTON (AP) - Big differences remain, but there is finally movement in long-stalled talks on avoiding the "fiscal cliff."

House Speaker John Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year. He's also offering a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited.

In return, Boehner is asking for $1 trillion in spending cuts from government benefit programs like Medicare.

Democrats rejected the offer and say an increase in the Medicare eligibility age is a non-starter.

Boehner's proposal was described by officials familiar with it. They required anonymity because of the sensitivity of the talks.

 

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 This material may not be published, broadcast, rewritten or redistributed.)

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