Fiscal cliff talks turn sour: US talks to avert the fiscal cliff turned sour after Republicans in Congress rejected what they dubbed a “completely unbalanced and unreasonable” offer from the White House in a round of meetings on Capitol Hill. One Republican aide in the House of Representatives said Tim Geithner presented a plan over the decade for $1.6tn in tax increases, $400bn in spending cuts, at least $50bn in new stimulus and a “permanent” lift in the US borrowing limit. The bid by the White House closely tracks its 2013 budget proposal, meaning Barack Obama has so far been unwilling to make any major concessions. Republicans believe the tax increases are too high and the spending reductions are too few. (Financial Times)
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