[Breaking News] GOP critical of latest Obama offer

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By Michael Kitchen

LOS ANGELES (MarketWatch) -- A spokesman for U.S. House Speaker John Boehner, the top negotiator for Republicans in the fiscal-cliff talks, said President Obama's latest budget proposal marked an improvement, but it still fell short of what the GOP will accept. "Any movement away from the unrealistic offers the president has made previously is a step in the right direction," Reuters quoted Boehner spokesman Brendan Buck as saying about the plan, details of which appeared late Monday in reports citing anonymous sources. But Buck added that the offer "cannot be considered balanced," as revenue hikes still outweigh proposed spending cuts under the president's plan, according to separate Reuters and Associated Press reports. "We hope to continue discussions with the president so we can reach an agreement that is truly balanced and begins to solve out spending problems," Reuters and AP each quoted Buck as saying.