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Obama’s ‘Fiscal Cliff’ Proposal
CNBC.com | November 29, 2012 | 07:15 PM EST

The White House is seeking $1.6 trillion in tax increases up front, as well as $50 billion in additional stimulus spending, as part of any "fiscal cliff" deal, Republican aides said Thursday, as talks aimed at averting the economy-rattling cliff turned testy.

President Barack Obama also wants a permanent increase in the federal debt ceiling, a one-year expansion of jobless benefits, and an extension of the payroll tax credit, these aides said.

The latest proposals were presented by Treasury Secretary Timothy Geithner, who visited Capitol Hill Thursday to discuss the so-called fiscal cliff with leaders of both parties.

After Geithner's visit, Republican House Speaker John Boehner publicly lambasted the Obama administration, saying "the White House has to get serious."

Boehner added, "No substantive progress has been made between the White House and the House" in the two weeks since Obama welcomed congressional leaders at the White House.

"I was hopeful we'd see a specific plan for cutting spending," he said, but added that he "remained hopeful" a deal can be reached before the Dec. 31 deadline. "Jobs are on the line, the American economy is on the line, and this is a moment for adult leadership," Boehner added.

The White House proposals are almost exactly what was in the president's budget proposal last February, Republican aides said.

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