On behalf of the House Republicans, Majority Leader John Boehner has offered a $2.2 trillion plan to avoid the fiscal cliff. The Republican offer calls for $1.4 trillion in spending cuts and $800 billion in new revenue, from savings on Medicare and Medicaid and closing additional loopholes.
President Obama and the Democrats are looking to cut $600 billion in spending, with $1.6 trillion in tax increases, primarily through increasing taxes on Americans earning more than $250,000 per year.
Takeaway Washington correspondent Todd Zwillich explains the latest on the fiscal cliff negotiations, and Diane Lim, chief economist at the Concord Coalition, analyzes the economic details.