GOP offers its ‘cliff’ answer
Republicans say huge spending cuts, tax reform will plug gap.
WASHINGTON — Republican congressional leaders Monday countered President Barack Obama’s deflcit reduction proposal with a plan of their own that is far heavier on spending cuts but embraces $800 billion in increased revenue over the next 10 years.
The counter offier represented an acknowledgment by Republicans that they had to issue their own proposal to head offi around $600 billion in automatic tax increases and spending cuts next year, a flscal combination that could send the economy back into recession.
They said their approach was a move toward the center rather than sticking to a position established last year with the passage of the House Republican budget, which