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News Link • Economy - Economics USA

Republicans reject White House fiscal cliff proposals as incomplete

• guardian.co.uk
 

The first serious proposals from the White House to solve the looming "fiscal cliff" of tax rises and budget cuts appear to have been rejected out of hand by Republican leaders in Congress.

Treasury secretary Timothy Geithner is reported to have offered a set of proposals that include increasing tax rates on the wealthy, a one-year postponement of scheduled cuts in defence and domestic spending, and $400bn in savings from Medicare and other entitlement programmes.

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