Obama, Boehner meeting at the White House

Obama, Boehner meeting at the White House

Credit: Getty Images

WASHINGTON - NOVEMBER 7: House Speaker John Boehner (R-OH) makes remarks on Capitol Hill on November 7, 2012 in Washington, DC. Boehner discussed the looming fiscal cliff and called on President Obama to work with House Republicans. (Photo by Brendan Hoffman/Getty Images)

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Associated Press

Posted on December 17, 2012 at 10:33 AM

Updated Monday, Dec 17 at 11:03 AM

WASHINGTON (AP) — A White House official says President Barack Obama and House Speaker John Boehner (BAY'-nur) are meeting at the White House to discuss the pending fiscal cliff and deficit reduction.

The meeting comes as Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year.

The speaker also has offered a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited — conditioned on the president agreeing to $1 trillion in cuts.

The offer was made Friday after a long impasse. It calls for about $450 billion in revenue from increasing the top rate on income over $1 million.

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