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House Republicans present 'fiscal cliff' counteroffer

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    Ed Henry reports from the White House

  • Duration 3:23
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That was standup of the stand off of a different time back here at home.

The fiscal -- house Republicans.

Leaders calling this a bold counter offer that presents a fair middle ground the White House is saying.

It has nothing new with no details it is Republican compromise solution to the impending fiscal cliff.

The combination of spending cuts and tax increases that both sides concede would mean another recession.

After what both sides called a frustrating weekend today's developments do not appear to be breaking logjam.

At least not yet.

Chief White House correspondent Ed Henry begins our coverage tonight from the north lawn of the White House good evening at.

Good evening -- to senior officials here are saying this plan is ridiculous so much so they're saying they will not offer a counterproposal to the GOP counterproposal.

They say tonight that in -- speaker Boehner gives in on raising taxes on the rich the president is ready to go off the cliff.

Right now I would say were nowhere.

Period we're -- house speaker John Boehner declaring a stalemate in an exclusive with fox as Republicans teed off on president Obama's first -- -- which included new spending plus one point six trillion dollars in tax hikes as totally unacceptable.

I think we're going over the cliff is pretty clear to me that made a political calculation White House officials today insisted disaster can be prevented and demanded -- put a counter offer on the table what we.

Hopeful is.

Some specificity from Republicans just over an hour later Boehner did just that we were offering a plan similar to the bipartisan poll since -- approach -- 800 billion dollars in new tax revenue without raising rates half what the president wants and far steeper cuts to entitlements -- the president called for.

600 billion dollars in Medicare and Medicaid changes plus 300 billion.

In savings from other programs like farm subsidies -- The president ignored questions in the Oval Office he did go on Twitter to repeat his line there can't be tax cuts for the rich at the expense of domestic programs indeed the GOP plan faces stiff resistance from Democrats including the politically unpopular move of raising the Medicare eligibility age from 65 to 67.

Plus slower growth in Social Security benefits by using a less generous measure of inflation -- though decided to lay down the gauntlet.

Flat out challenging the president's mandate in a letter to mr.

Obama writing quote.

After a status quo election in which both you and the Republican majority in the house were reelected.

The American people rightly expect both parties to come together on a fair middle ground.

Adding the president's approach is neither balanced nor realistic another bone of contention.

-- plan is silent on raising the nation's debt ceiling which is again reaching its limit early next year it is entirely unacceptable.

Two.

Have a repeat performance of what the American people watched.

With horror in the summer of 2011.

Now White House officials note tonight that even Erskine Bowles is pulling back from the claim by Boehner that he's on board although in a few moments the president will be hosted the congressional ball of black tie holiday party.

First time you'll see speaker -- face to face in days so maybe they'll start working on a compromise -- holiday spirit -- -- -- -- -- north lawn Ed thanks.

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