House Republicans made a new deficit proposal to the White House that calls for $800 billion in tax increases, half of what President Obama proposed and an amount Republicans say could be achieved without raising tax rates.
The GOP offer was immediately rejected by the White House, but it provides the most detailed statement to date of what Republicans are willing to concede for now. It comes days after the White House put forward its opening bid in the high-stakes deficit talks. With both sides now having made preliminary offers, the parameters for future negotiations between Republicans and the White House are becoming clearer.
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