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GOP 'cliff' proposal has spending cuts, no tax rate hikes

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House Republicans on Monday sent President Obama a $2.2 trillion proposal that would help avert the so-called fiscal cliff largely by rewriting the tax code and reducing spending on Medicare and Medicaid. Top GOP aides portrayed their plan as a "bold counteroffer" to Obama's initial proposal, which would raise $1.6 trillion in new revenue mainly by raising income tax rates on the wealthiest...

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