House Republicans present fiscal cliff deal
WASHINGTON (MarketWatch) — House Republicans on Monday presented their first deficit-reduction plan that roughly matches the size of President Barack Obama’s $4 trillion tax-and-spending program without increasing tax rates. Under the proposal, the Republicans would increase taxes by $800 billion, abour half of what Obama has proposed. It includes $600 billion in savings in Medicare and other health programs – more than the $400 billion Obama has proposed. House Republicans said the offer was based on a deficit-cutting plan presented by Erskin Bowles, a co-leader of the Obama commission on deficit reduction.