Movement seen in 'fiscal cliff' talks

Big differences remain, but there is finally movement in long-stalled talks on avoiding the "fiscal cliff."

FILE - In this Nov. 16, 2012, file photo, President Barack Obama acknowledges House Speaker John Boehner of Ohio while speaking to reporters in the Roosevelt Room of the White House in Washington, as he hosted a meeting of the bipartisan, bicameral leadership of Congress to discuss the deficit and economy. Admnistration officials say President Barack Obama and House Speaker John Boehner met Sunda, Dec. 9, 2012, at the White House to discuss the ongoing negotiations over the impeding "fiscal cliff." Spokesmen for both Obama and Boehner said the two men agreed to not release details of the conversation, but emphasized that the lines of communication remain open. (AP Photo/Carolyn Kaster, File)

WASHINGTON (AP) -- Big differences remain, but there is finally movement in long-stalled talks on avoiding the "fiscal cliff."

House Speaker John Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year. He's also offering a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited.

In return, Boehner is asking for $1 trillion in spending cuts from government benefit programs like Medicare.

Democrats rejected the offer and say an increase in the Medicare eligibility age is a non-starter.

Boehner's proposal was described by officials familiar with it. They required anonymity because of the sensitivity of the talks.


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