President Barack Obama criticized House Speaker John Boehner's deficit-reduction plan on Tuesday, saying that it didn't add up
"Unfortunately, the speaker's proposal right now is still out of balance," Obama said in an interview with Bloomberg TV
"When you look at the math, it doesn't work."
The president added that there would be no fiscal-cliff deal without higher taxes on the wealthy House Republicans made a counteroffer to Obama's deficit-cutting plan on Monday, calling for $800 billion in increased revenue without hiking tax rates
Obama said closing loopholes and deductions would only raise $300 billion to $400 billion, and "that is not enough."
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