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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