Boehner Says There is No Progress on Fiscal Cliff Negotiations

Latest proposal rejected by Republicans

WASHINGTON, Nov. 29 (UPI) — Republicans Thursday rejected an offer from U.S. President Barack Obama to avert the so-called fiscal cliff, calling it a step backwards.

Treasury Secretary Timothy Geithner made the rounds on Capitol Hill, presenting a package calling for a $1.6 trillion tax increase, a $50 billion economic-stimulus program and new power to raise the federal debt limit without congressional approval, The Wall Street Journal reported.