President Barack Obama makes an opening statement during his news conference, Wednesday, Nov. 14, 2012, in the East Room of the White House in Washington. President Barack Obama says the economy cannot afford a tax increase on all Americans and is calling on congressional Republicans to support an extension of existing tax rates for households earning $250,000 or less.
WASHINGTON (AP) — The White House is rejecting a Republican counteroffer aimed at averting the "fiscal cliff," saying it does not meet what the White House calls "the test of balance."
White House communications director Dan Pfeiffer says the GOP proposal would lower tax rates for the wealthy and stick the middle class with the bill. He says the plan includes nothing new and provides no details on how it would achieve higher revenues.
The House Republican plan calls for $800 billion in higher tax revenue over 10 years. But it would keep the Bush-era tax cuts in place for all income earners.
Obama has insisted there can be no deal unless Republicans agree to end the tax cuts for families making more than $250,000 a year when they expire in January.
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