Obama, Boehner move closer on taxes, spending cuts

Washington (CNN) - President Barack Obama responded on Monday to House Speaker John Boehner's offer to compromise on tax rate increases with his own compromise on both tax increases and spending cuts, according to a source familiar with the discussions.

Obama's latest offer brings the two sides billions of dollars closer to a deal to avert the fiscal cliff, which promises tax increases on income of all levels and across-the-board spending cuts in the new year.