U.S. President Barack Obama and Speaker of the House of Representatives John Boehner met at the White House Monday to discuss the pending fiscal cliff, a White House official told the Associated Press.
Boehner, an Ohio Republican, has offered $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 offered an extension in the government's borrowing cap to fund the government for one year before the issue must be revisited, as long as the president agrees to $1 trillion in spending cuts.
The speaker made the offer Friday, following a long impasse. It calls for roughly $450 billion in revenue from increasing the top rate on income over $1 million.