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On Friday, July 15, it seemed the perseverance had paid off.
That day, GOP leaders invited White House officials to Capitol Hill for a private meeting. On the White House side were Chief of Staff William Daley and Treasury Secretary Timothy F. Geithner. Representing the House were Boehner and Rep. Eric Cantor (R-Va.), the majority leader who has taken a leading role among the conservative flank.
The Republicans made an offer: between $3 trillion and $3.5 trillion in spending reductions, and nearly $800 billion in revenue increases over 10 years through overhauling the tax code. Geithner and Daley took it back to the White House.
However, the White House countered with a proposal for $1.2 Trillion in new revenue.