WASHINGTON, Dec 17 (Reuters) - In a fresh offer aimed at
resolving the "fiscal cliff" standoff, President Barack Obama
seeks $1.2 trillion from higher tax revenues, including higher
rates on those earning more than $400,000 a year, a source
familiar with the negotiations said on Monday.
In exchange, the president is willing to agree to $1.22
trillion in spending reductions, including some cuts achieved by
changing the way cost of living adjustments are made to Social
Security and other programs.
"We view this as a good offer that shows we have met the
Republicans more than halfway on spending and halfway on
revenues," the source said.
The offer asks for Congress to increase the national
borrowing ceiling for two years using a parliamentary procedure
proposed by Senator Mitch McConnell, the top Republican in that
chamber.