WASHINGTON (AP) – House Majority Leader Eric Cantor says Republicans want to “sit down with the president” and “talk specifics.” But he says the White House isn’t offering any.
House Republicans have put forward a 10-year blueprint to save $2.2 trillion, partly by increasing the eligibility age for Medicare and lowering cost-of-living hikes for Social Security. It was a response to President Barack Obama’s offer to boost taxes by $1.6 trillion over the coming decade. But under Obama’s plan, Medicare and Social Security would largely be spared from budget cuts.
Meanwhile, Obama is warning Republicans not to further complicate the negotiations on avoiding the “fiscal cliff,” by injecting the threat of a government default.
Obama told a business group today that he’s heard reports of Republicans who might agree on higher tax rates on the wealthy — but who would then try to get spending cuts from the White House in exchange for raising the debt limit.
An administration official says President Barack Obama will travel to Detroit Monday to push his proposal for raising tax rates on wealthier Americans.