Report: Boehner proposes tax hike for nation's millionaires

Speaker John Boehner (R-Ohio) has offered to raise the top tax rate for earners making more than $1 million, a source told the Associated Press.

The development in the fiscal talks comes amid pessimism the Speaker and President Obama can hammer out a deal before Christmas.

The source said Obama has not accepted the offer, according to the Associated Press, which added that Boehner is still seeking more spending cuts than Obama has proposed.

Democrats had said Boehner wouldn’t relent on raising tax rates on the wealthy for fear it could cost him his job, a suggestion the Speaker dismissed Friday.

“I’m not concerned about my job as Speaker,” said Boehner. “What I’m concerned about is doing the right thing for our kids and grandkids. And if we don’t fix this spending problem, their future is going to be rather bleak.”

Boehner and Obama last met on Thursday.

The 50-minute long Oval Office meeting was the first between the two since last Sunday. It followed a day of harsh rhetoric and attacks that suggested Obama and Boehner were digging in rather than narrowing their differences on taxes and entitlements.

Politico first reported Boehner's tax proposal.

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