After calling President Obama's plan to avert the fiscal cliff by raising taxes "a joke," House Republicans on Monday sent the White House a "bold counteroffer" that raises more revenue than the Democratic plan and reforms Medicare - all without raising current tax rates.
The GOP plan calls for raising $2.2 trillion in new revenue through tax reform and reductions in Medicare spending achieved by raising the age of eligibility.
Tax reform would be aimed at lowering rates and closing loopholes in the tax code. The plan includes $600 billion in savings through the use of spending caps and $600 billion from changes to Medicare.
House Speaker John Boehner's top aides outlined the plan to reporters at the Capitol, and Boehner made a brief appearance to promote it. He told reporters he believes the GOP has crafted a genuine compromise despite receiving an uncompromising offer from Obama that has no chance of winning the approval of Republicans.
"What we are putting forward is a credible plan that deserves serious consideration by the White House and I would hope they would respond in a timely and responsible way," Boehner told reporters.
The White House has not yet responded publicly to the plan.