Washington, DC -- They didn't exactly fold up a piece of paper and slide it across the table, but on Monday House Republicans did make their counteroffer to President Barack Obama's plan in the high-stakes negotiations to avoid the "fiscal cliff."
The GOP response to Pres. Obama's ideas came around 3 p.m. House Speaker John Boehner (R-Ohio) and his fellow Republicans advocate raising $800 billion in revenue through tax code reform and limiting some deductions. They also propose cutting $900 billion in spending by increasing the eligibility age for Medicare and decreasing the amount of cost-of-living raises for Social Security. As expected, though, they kept the Bush-era tax cuts off the table, which means they don't want anyone's taxes to go up.
That's in sharp contrast to Pres. Obama's plan. He wants those tax cuts for the wealthiest Americans to expire, and he also wants to shield Medicare and Social Security from deep cuts.
There's still a lot of ground between the two sides and some members of Congress aren't convinced they'll reach a deal. Rep. Brad Miller (D-NC, 13th district) says Congress created the problem and Congress will have to figure out a way to solve it.
"This is a tough period in our history," Miller said. "But we have got to find it in ourselves to make our democracy work -- to rise to the occasion to make our republic work and make our economy one that creates prosperity for most Americans."
Miller has his doubts, though, about whether that will happen by the deadline.
"I think it's pretty likely that we're going to go past Dec. 31," he said. "And then we really aren't going to fall off a cliff to our deaths. But unless we do something, we're probably going to go into a recession."
Wake Forest University political science Prof. David Coates said Monday he thinks the two sides are gridlocked and that the chances for resolution are dwindling every day.
If you want to see how failing to meet the deadline might affect your income, check out this calculator.
WFMY News 2