Seeking to jump-start stalled talks on avoiding the "fiscal cliff," House Republicans on Monday proposed a new 10-year, $2.2 trillion blueprint to President Barack Obama that calls for increasing the eligibility age for Medicare and lowering cost-of-living hikes for Social Security benefits.
But the White House criticized the plan as failing the "balance test" by not including higher tax rates for the wealthy.
The proposal from House Speaker John Boehner and fellow Republicans comes in response to Obama's offer last week to raise taxes by $1.6 trillion over the coming decade but largely exempt Medicare and Social Security from budget cuts.
It was presented shortly after Obama took to the Twittersphere to lobby for his proposal, which drew scorn from Republican leaders last week.
The GOP plan proposes to raise $800 billion in higher tax revenue over the decade but it would keep the Bush-era tax cuts -- including those for wealthier earners targeted by Obama -- in place for now.
The offer comes after the administration urged Republicans to detail their proposal to cut popular benefits programs like Medicare, Social Security and Medicaid.Page 1 of 4 | Next Page