WASHINGTON, Dec 15 (Reuters) - U.S. House of Representatives
Speaker John Boehner has offered to raise tax rates on high
earners to break the "fiscal cliff" deadlock in exchange for
major cuts in entitlement programs, but President Barack Obama
is not ready to accept, a source said late Saturday.
While the White House considers Boehner's offer "progress,"
the source said more remained to be worked out between the two.
Tax rates are a major sticking point in negotiations to
avert steep automatic tax hikes and budget cuts set for the end
of the year if a deal isn't reached. Republicans have resisted
Obama's demand to extend lower tax rates for everyone except top
earners, preferring to extend them for all taxpayers.
The Boehner offer was the first departure from the position
the House speaker has held for months.