President Barack Obama called on Congress to “fully fund” his request to bolster security at U.S. diplomatic outposts as he sought to contain political fallout from last year’s deadly attack in Benghazi, Libya.
White House budget director Jacob Lew said the administration wants to shift the focus of budget talks from spending cuts to long-term deficit reduction, which will force Republicans to discuss raising government revenue .
House Speaker John Boehner offered to raise income tax rates on households earning more than $1 million a year in exchange for containing the cost of federal entitlement programs, as part of a deal with President Barack Obama to cut the federal deficit, according to two people familiar with the talks.
The Obama administration began a public campaign to head off scheduled automatic budget cuts that the administration said would reduce spending on programs including education, small business loans, food safety inspections and defense.
President Barack Obama made a new budget offer that would raise taxes by $1.2 trillion and increase tax rates for households earning more than $400,000 a year, up from $250,000, said a person familiar with the talks.
President Barack Obama reduced his demand for tax increases to $1.4 trillion from $1.6 trillion as he and House Speaker John Boehner traded another round of offers and inched toward a budget agreement.