The broad indexes ended with slight declines, after President Obama rejected the counterproposal to his initial compromise plan that was presented by Treasury Secretary Timothy Geithner to Speaker of the House John Boehner (R-Ohio) last week. The Republican leadership of the House of Representatives is looking for larger spending cuts than the president has agreed to so far, while President Obama is insisting on tax rate increases for couples earning over $250,000 per year.
The Republican leadership in Congress would prefer to see federal revenue increase through caps on tax deductions and the closing of tax loopholes. The president's proposal also included a $50 billion economic stimulus package.
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