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WASHINGTON (AP) - A White House official says President Barack Obama and House Speaker John Boehner (BAY'-nur) are meeting at the White House to discuss the pending fiscal cliff and deficit reduction.

The meeting comes as Boehner is offering $1 trillion in higher tax revenue over 10 years and an increase in the top tax rate on people making more than $1 million a year.

The speaker also has offered a large enough extension in the government's borrowing cap to fund the government for one year before the issue must be revisited- conditioned on the president agreeing to $1 trillion in cuts.

The offer was made Friday after a long impasse. It calls for about $450 billion in revenue from increasing the top rate on income over $1 million.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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