GOP Offers Own Proposal to Avert 'Fiscal Cliff'

Republicans offered up their own proposal to avert the impending "fiscal cliff" on Monday amid Democratic demands that the GOP match the Obama administration's plan with one of their own.

In a letter to President Barack Obama, House Republican leaders outlined the contours of a deal they said would achieve a net savings of $2.2 trillion. The plan, which is based on fiscal commission Democratic co-chairman Erskine Bowles's proposal to the super committee, would achieve these savings through revenue from tax reforms, health savings and discretionary spending cuts.

"Going over the cliff will hurt our economy and hurt job creation in our country. It's one of the reasons the day after the election I offered a concession to try and speed this process up. Unfortunately, the White House responded with their 'La-La-Land' offer that couldn't pass the House or Senate and was basically the president's budget from last February," House Speaker John Boehner told reporters on Capitol Hill at a briefing detailing the plan.

"We could have responded in kind, but we decided not to do that. What we're putting forth is a credible plan that deserves serious consideration by the White House and I would hope that they would respond in a timely and responsible way," the Ohio Republican added.

The counter-offer coincides with Democratic demands that Republicans produce their own proposal to match the deal offered last week by the administration. That plan, presented to Republicans by Treasury Secretary Tim Geithner, called for $1.6 trillion in new revenues, savings from entitlement programs and new spending on unemployment insurance and investment projects. GOP leaders rejected the plan out-of-hand.

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