Republicans Respond To Obama Fiscal Cliff Offer
House Republicans have come up with a counteroffer:
[They] 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.