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The latest Boehner offer called for $1 trillion in new revenue — through tax hikes on millionaires and eliminating loopholes and deductions in the tax code — and $1 trillion in spending cuts, as well as for an increase in the nation’s borrowing limit, which now sits at $16.4 trillion.

Before addressing reporters on Tuesday, Mr. Boehner told his caucus that the president’s plan is not balanced when it comes to taxes and spending.

“What the White House offered yesterday — $1.3 trillion in revenue for only $850 billion in spending cuts — cannot be considered balanced,” Mr. Boehner said.

The speaker told reporters and insisted during his meeting with his caucus that the proposal he delivered to the White House late last week is the “definition of balance.”