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The Boston Globe

Politics

House GOP counters Obama’s fiscal plan

Deep cuts, no tax rise; White House says no

WASHINGTON — House Republicans on Monday laid out their proposal to avert a potential austerity crisis, countering what they ridiculed as a “La-La Land offer’’ from President Obama with one calling for almost twice as much in spending cuts and half as much revenue increases.

The Republican plan, outlined in a three-page letter sent to the White House, sets out to raise $800 billion in new revenue over the next decade through closing unspecified tax loopholes and cut $1.2 trillion through a battery of changes that could include raising the eligibility age for Medicare. In addition, House Republicans proposed saving $200 billion by slowing the government’s cost-of-living increases for programs such as Social Security.

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