Movement seen in 'fiscal cliff' talks

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Associated Press

Posted on December 17, 2012 at 1:04 AM

Updated Monday, Dec 17 at 1:04 AM

WASHINGTON (AP) — Big differences remain, but there is finally movement in long-stalled talks on avoiding the "fiscal cliff."

House Speaker John Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year. He's also offering a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited.

In return, Boehner is asking for $1 trillion in spending cuts from government benefit programs like Medicare.

Democrats rejected the offer and say an increase in the Medicare eligibility age is a non-starter.

Boehner's proposal was described by officials familiar with it. They required anonymity because of the sensitivity of the talks.

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