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White House to GOP on ‘fiscal cliff’: It’s your move

This Nov. 30 2012 phoprovided by CBS News shows Treasury Secretary Timothy Geithner answering questions about averting 'fiscal cliff' December

This Nov. 30, 2012, photo provided by CBS News shows Treasury Secretary Timothy Geithner answering questions about averting the "fiscal cliff" on the December 2nd edition of “Face the Nation.” Geithner said Republicans have to stop using fuzzy “political math” and say how much they are willing to raise tax rates on the wealthiest 2 percent of Americans and then specify the spending cuts they want, Treasury Secretary. (AP Photo/CBS News, Chris Usher)

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WASHINGTON — President Barack Obama and Republicans are playing a game of political chicken as the end-of-year deadline approaches for averting the “fiscal cliff,” a combination of expiring tax reductions and across-the-board spending cuts.

Obama proposes $1.6 trillion in higher taxes over a decade and heightened presidential power to raise the debt limit. In exchange, Obama proposes $600 billion in spending cuts, including some to Medicare. He also wants $200 billion in new spending to support economic recovery.

Based on the rhetoric, an agreement may not come quickly.

Treasury Secretary Timothy Geithner says Republicans don’t have a plan and should say how much they’re willing to raise taxes on the rich.

House Speaker John Boehner says Obama’s plan isn’t serious. He says Republicans have plenty of ideas, but he’s not giving specifics.



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