Boehner offers fiscal cliff counter-proposal

House Republican leaders Monday endorsed a far-reaching plan to rein in the national debt that that would raise $800 billion in new tax revenue, slice $600 billion from federal health programs and apply a stingier measure of inflation to Social Security benefits.

In a letter to President Obama, House Speaker John A. Boehner (R-Ohio) and other senior Republicans suggested that the framework – first laid out by Democrat Erskine Bowles during last year’s budget battles – should serve as a starting point for budget talks aimed at averting the year-end fiscal cliff.

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Lori Montgomery covers U.S. economic policy and the federal budget, focusing on efforts to tame the national debt.
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