Obama Admin. to Republican Leaders: It's Your Move

For those keeping score at home, “fiscal cliff” negotiations between the Obama administration and Republicans have reached a standstill.

The Obama White House says Republicans should “come clean about how much they're willing to raise tax rates on the rich,” as the Associated Press puts it, while Republicans accuse the president of putting forward a joke of an opening offer.

“It's a game of political chicken as the clock ticks closer to the end-of-year deadline, when George W. Bush-era tax cuts expire and automatic, across-the-board spending cuts kick in,” the report continues, “sending the nation over a proverbial ‘fiscal cliff’ that some economists say could plunge the fragile economy back into recession."

And based on what’s being said in public by those in charge of brokering a deal, it doesn't look like we’re going to have a “fiscal cliff” solution anytime soon.

"They have to tell us what makes sense to them, and then we can take a look at it," Treasury Secretary Timothy Geithner said of Republicans on NBC's "Meet the Press." "But what we can't do is try to figure out what makes sense for them."

Meanwhile, House Speaker John Boehner responded by saying the Obama administration is simply ignoring Republican ideas.

"There are a lot of items on the table," Boehner told "Fox News Sunday." "The president knows what they are. The question is what are they willing to do?"

The White House last week made its opening offer: “$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 reports.

In exchange, the Obama administration offered some $400 billion in cuts to “be worked out next year” (with no guarantees).

Republicans responded to this offer with “laughter” and disbelief, according to sources familiar with details of the meeting.

"The administration has put something out that polls well: taxing the wealthy," said Sen. Bob Corker (R-Tenn.). "What they haven't done is anything to deal with entitlements, which is painful, and you're not going to have a deal until that happens."

Geithner referred to the back-and-forth between the White House and Republicans as "normal political theater," accusing Republicans of blocking progress on a deal because they’re more concerned with protecting the wealthy.

"It's welcome that they're recognizing that revenues are going to have to go up. But they haven't told us anything about how far rates should go up ... (and) who should pay higher taxes," said Geithner.

Republican leaders have already said they’d consider new revenues to help deal with the nation’s financial woes — but only “under the right conditions" (i.e. if spending cuts are on the table).

"If we gave the president $1.6 trillion of new money, what do you think he'd do with it?" asked Boehner. "He's going to spend it. It's what Washington does."

Political "back-and-forth" aside, the bottom line is this: GOP leaders won’t bend on taxes until spending cuts are on the table and Democrats won’t talk about spending cuts until Republicans bend on taxes.

The White House has put forward its opening offer (which involves virtually no spending cuts) and is waiting for Republican leaders to make their move.

The Associated Press contributed to this report.

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