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Obama Has Reportedly Raised The Threshold For Tax Increases To $400k

• Max Nisen, Sam Ro and Brett LoGiurato
 The Associated Press is reporting that President Barack Obama has made a new budget offer to House Speaker, including a significant shift from a previous sticking point in their negotiations to avert the so-called fiscal cliff.

Obama's latest counteroffer raises the threshold for tax increases up to incomes above $400,000. That's an increase from previous demands dating all the way back to the presidential campaign, in which Obama had called for taxes on incomes above $250,000 to return to Clinton-era rates.

Reuters reported on Twitter that Obama's plan includes $1.2 trillion in increased revenue and $1.22 trillion in reduced spending. Boehner's office, however, pegged the numbers at $1.3 trillion in new revenue and only $930 billion in spending cuts.

The plan would cut more from health care programs, and would add an additional $200 billion in spending cuts over 10 years. It also would include cost of living adjustments for Social Security beneficiaries, which Bloomberg reported earlier Monday.

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