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On Monday Speaker John BoehnerJohn BoehnerLobbying World 'Ready for Michelle' PACs urge 2020 run News Flash: Trump was never going to lock Clinton up 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.