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Article updated: 12/4/2012 10:30 AM

GOP ‘fiscal cliff’ plan echoes failed budget talks

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President Barack Obama, flanked by National Governors Association (NGA) Chairman, Delaware Gov. Jack Martell, and NGA Vice Chair, Oklahoma Gov. Mary Fallin, meets with the NGA executive committee regarding the fiscal cliff, Tuesday, Dec. 4, 2012, in the Roosevelt Room at the White House in Washington. Treasury Secretary Tim Geithner is at right.

Associated Press

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Republicans are proposing a "fiscal cliff" plan that revives ideas from failed budget talks with President Barack Obama last year, calling for raising the eligibility age for Medicare, lowering cost-of-living hikes for Social Security benefits and bringing in $800 billion in higher tax revenue. The counter to a White House plan relies more on politically sensitive spending cuts and would raise half the $1.6 trillion in revenue proposed by Obama.

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