ECONOMY

White House Makes New Counteroffer to GOP

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Updated: December 17, 2012 | 10:32 p.m.
December 17, 2012 | 8:34 p.m.

The north side of the White House is seen in Washington, Thursday night, Oct. 11, 2012.  ((AP Photo/J. Scott Applewhite))

In a new counteroffer to House Republicans on the fiscal cliff, the White House has proposed allowing tax rates to rise for those making over $400,000 a year.

  • The proposal would raise $1.2 trillion in new revenue over a decade
  • The White House proposal would use an alternative measure of inflation to yield savings on entitlements.
  • The White House also proposed $400 billion in budget savings from health programs, $200 billion in savings from non-health entitlements and $200 billion ins savings on discretionary programs, split evenly between defense and nondefense programs.

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