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White House seeks tax hike now, spending cuts later

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The White House on Thursday offered House Republicans a deal that would raise $1.6 trillion in tax revenue in exchange for $400 billion in spending cuts that would "come later," according to a top GOP aide. Not surprisingly, the deal isn't sitting well with Republicans. One called the offer "a joke." The deal, which Treasury Secretary Timothy Geithner offered in separate visits with House and...

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