House Republicans, rejecting President Barack Obama’s demand for tax rate increases, offered a $4.6 trillion deficit reduction plan today that doesn't raise tax rates on the wealthiest Americans.

The proposal is based on a framework from a year ago outlined by Clinton White House chief of staff Erskine Bowles, one of President Obama's debt commission chairs, and includes an increase in the eligibility age for Medicare benefits, likely to age 67.

"What we're putting forth is a credible plan that deserves consideration by the White House," Boehner told reporters.

The proposal, contained in a letter today to Obama from House Speaker John Boehner and other Republican leaders, calls for $800 billion in new revenue over the next decade. It would also cut spending on entitlements such as Medicare and Medicaid by at least $900 billion and save another $300 billion through cuts in discretionary spending, according to the letter to Obama.

The House Republican leaders also proposed saving $200 billion by revising the way cost-of-living increases are calculated for Social Security recipients and others, such as retired federal workers.

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