In response to President Obama's offer last week to hike taxes by $1.6 trillion and to exempt Medicare and Social Security from cuts to beneficiaries, the Republicans have finally presented a counter offer. From Buzz Feed:
House Republicans put their criticisms of President Barack Obama's fiscal cliff package to paper Monday with an offer of their own.
The $2.2 trillion Republican package includes $800 billion in revenue from tax reform and $600 billion in health care savings, among other proposals.
The plan, detailed in a letter that was sent from House Republicans to the White House on Monday, is based in principle on a proposal originally engineered by Erskine Bowles, the co-chair of the president's deficit-reduction commission.
And of course, the counter offer does not include raising taxes on the wealthiest Americans and focuses almost entirely on spending cuts. Given Obama has stated explicitly that he will not accept a deal that doesn't raise taxes on the wealthiest Americans, the counter proposal is completely pointless. You can read the offer in full here: