On Monday Speaker John BoehnerJohn BoehnerOvernight Finance: Puerto Rico bill clears panel | IRS chief vows to finish term | Bill would require nominees to release tax returns Overnight Defense: Pentagon chief fears sequestration's return GOP senator: Reid's 'ramblings' are 'bitter, vulgar, incoherent' MORE (R-Ohio) and other top Republicans unveiled a $2.2 trillion deficit-reduction counteroffer. The 10-year plan included $800 billion in new tax revenue. Obama rejected the plan, although he said he was open to entitlement reform proposals from Republicans if they agreed to raising tax rates for upper-income households.
A week before Republicans unveiled their counteroffer, Treasury Secretary Timothy Geithner outlined Obama's opening bid in deficit negotiations. Obama's plan called for $1.6 trillion in tax increases and $400 billion in savings to entitlement programs. It also included $50 billion in additional stimulus spending.