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Republicans Counter Obama Plan with Entitlement Cuts

Boehner proposes $2.2 trln of spending cuts and new revenue.

By Heidi Przybyla and James Rowley, Bloomberg | Updated on December 04, 2012

U.S. House Speaker John Boehner proposed $2.2 trillion of spending cuts and new revenue that lack what President Barack Obama calls essential for a fiscal agreement: higher tax rates for top-earning Americans.

Boehner, an Ohio Republican, said yesterday that it was a “credible plan that deserves consideration by the White House.” The Obama administration promptly rejected the proposal, which would raise the Medicare eligibility age and slow Social Security cost-of-living increases.

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