In the talks to date, Obama is now seeking $1.2 trillion in higher tax revenue, down from the $1.6 trillion he initially sought. He also has softened his demand for higher tax rates on household incomes so they would apply to incomes over $400,000 instead of the $250,000 he cited during his successful campaign for a new term.He also has offered more than $800 billion in spending cuts over a decade, half of it from Medicare and Medicaid, $200 million farm and other benefit programs, $100 billion from defense and $100 billion from a broad swath of government accounts ranging from parks to transportation and education.
House GOP Focusing On Fiscal Cliff Backup Plan
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