Fiscal Cliff

White House Not Ready To Accept Tax Offer

Article image

President Barack Obama is not ready to accept a new offer from the Republican leader of the U.S. the House of Representatives to raise taxes on top earners in exchange for major cuts in entitlement programs, a source said late Saturday. The shape and details of Boehner's offer were uncertain Saturday night, as was the exact reason the president was prepared to reject it. The source said Obama sees the offer made on Friday by U.S. House Speaker John Boehner as a sign of progress, but simply believes it is not enough and there is much more to be worked out before Obama can reciprocate.

Read it at Reuters