Burn! The Republicans used an offer by the Bowles-Simpson deficit commission Obama ignored.
From The Hill:
House Republican leaders on Monday made a counteroffer to President Obama in the “fiscal cliff” negotiations, proposing to cut $2.2 trillion with a combination of spending cuts, entitlement reforms and $800 billion in new tax revenue.
The leaders delivered the offer to the White House on Monday with a three-page letter signed by Speaker John Boehner (R-Ohio), Majority Leader Eric Cantor (R-Va.) and four other senior House Republicans, including Rep. Paul Ryan (R-Wis.), the party’s just-defeated vice presidential nominee.
The White House rejected the offer as insufficient in a statement released about two hours after Boehner made the offer public. White House communications director Dan Pfeiffer in a statement said the GOP proposal was unbalanced on the key issue of taxes on wealthier households, and that it also lacked detail.
Republican officials said the offer was based on a proposal outlined by Erskine Bowles, who served as chief of staff to former President Clinton, in testimony last year before the congressional “supercommittee” on deficit reduction. That offer is distinct from the widely cited Simpson-Bowles deficit plan released two years ago.
The GOP offer is a response to Obama’s opening bid, which called for $1.6 trillion in tax increases and reducing the power of Congress to block an increase in the debt ceiling.
“What we are putting forward is a credible plan that deserves serious consideration by the White House,” Boehner told reporters in a brief appearance at the Capitol. He said he hoped the administration would respond in a timely manner.
He characterized it as a response to what he called the “la-la land” offer that Treasury Secretary Timothy Geithner presented to congressional leaders last week.