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Obama and House Speaker John Boehner are negotiating to avert more than US$600-billion in tax increases and spending cuts set to start in January. Obama presented the offer to Boehner today, the person said.

Obama and Boehner met for 45 minutes today at the White House for the third time in nine days as they try to prevent the so-called fiscal cliff.

Boehner spokesman Brendan Buck, in an e-mailed statement tonight, called the offer “a step in the right direction” though he said it “cannot be considered balanced.” He said the offer included US$1.3-trillion in revenue and US$930-billion in spending cuts.

That calculation doesn’t count US$290-billion in lower interest payments as part of the spending cut. Interest savings are a byproduct of tax and spending decisions. Buck said the speaker hopes to continue negotiations.

Weekly Conference

Boehner and Majority Leader Eric Cantor will give House Republicans an update on the negotiations at their weekly conference meeting tomorrow, according to a leadership aide who requested anonymity to talk about the leaders’ plans.

Obama and Boehner are still far apart on where to draw the line on tax rates, how to address the debt limit and whether stimulus spending should be included in a budget deal.

Obama’s offer includes several details that hadn’t previously been publicly under consideration. His proposal would end three recurring debates that occur in Congress over expiring provisions.