House Republicans this afternoon responded to President Obama’s proposal on averting the fiscal cliff, providing a fresh counter-offer even while saying the president’s plan is “neither balanced nor realistic.” The House offer, which is roughly outlined in a three-page letter sent to the White House, is signed by several top Republicans, including House Speaker John Boehner, House Majority Leader Eric Cantor, and Representative Paul Ryan, the former vice presidential nominee. House Republicans are proposing cuts to Medicare, and a reduction in Social Security inflation rates, but it doesn’t include any key White House demands such as tax rate increases or raising the debt ceiling.
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