The proposal offered by House Republicans in the heated battle to avert the so-called fiscal cliff has been rebuffed by President Barack Obama's administration for not demanding more from the nation's wealthiest taxpayers.
House Republican leadership aides said that their plan promised 2.2 trillion dollars in deficit savings over the next decade, including 800 billion dollars from tax reform, 600 billion dollars from Medicare reforms and other health savings and 600 billion dollars in other spending cuts.
According to CNN, it also pledges 200 billion dollars in savings by revising the consumer price index, a measure of inflation.
House Speaker John Boehner called it a 'credible plan that deserves serious consideration by the White House'.
Senior Obama administration officials slammed the Republican plan, calling it a step backward in negotiations and not worthy of its own counteroffer because it isn't serious enough.
White House spokesman Dan Pfeiffer criticized it for not meeting "the test of balance."
Another Obama spokesman, Jay Carney, earlier said the president "will not sign a bill that extends those tax rates for the top 2%," as the GOP proposal would do, the report said.
"Until the Republicans in Congress are willing to get serious about asking the wealthiest to pay slightly higher tax rates, we won't be able to achieve a significant, balanced approach to reduce our deficit," Pfeiffer said.
According to the report, Republicans offered the plan amid pressure for a House vote, which Boehner has so far prevented, on a measure already approved by the Senate to extend tax cuts for families making less than 250,000 dollars a year and to allow rates to return to Clinton-era levels for wealthier households. (ANI)