White House Rejects Boehner’s Offer to Boost Millionaires’ Tax Rate in Exchange for Spending Cuts

President Barack Obama quickly spurned House Speaker John Boehner’s latest compromise offer, as the federal government continues its scheduled progress towards the $600 billion so-called fiscal cliff in January.

The rejection came Sunday, two days after Boehner had offered to raise tax rates for Americans earning more than $1 million dollars per year.

News of Boehner’s compromise will likely spur protest by the GOP’s small-government wing.

On Friday, Boehner also proposed to raise the government’s debt limit by roughly $1 trillion over its current level of $16.3 trillion. That’s also controversial, because Republican advocates of smaller government want to use Congress’ control over the debt-limit to curb the federal government’s 10-year $45 trillion spending plan.

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