News Headline Summary

Obama said to propose tax rate threshold of USD 400,000 and to include a process for tax law overhaul

Says:

- To make counter-offer to republican leader Boehner.
- Plan to seek USD 1.2trl in revenue and USD 1.2trl in cuts.
- To seek debt limit increase for two years in offer.

- Obama's fiscal cliff offer to Boehner would link raises in social security to chained CPI, but with protections for most vulnerable populations.
- Obama's offer would end sequestration spending cuts except in select areas as part of enforcement trigger.
- Obama's latest fiscal cliff bid 'good offer' that shows president has met republicans at least halfway on both spending and revenues.

Reaction details (00:52)

- S&P 500 future immediately moved higher by 0.4% after this headline.
- Treasury 10-yr yield rises to 1.78%, highest since October 26th.

18 Dec 2012 - 00:46 - - Source: Newswires

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