In new 'cliff' bid, Obama seeks $1.2 trillion in revenue: source

The president's proposal calls for "fast track processes" for further tax and spending reforms, the source said.

A senior Republican congressional aide familiar with the negotiations said that while there were "substantive differences" with the White House, he still was hopeful "that we can at some point get to a framework that allows us to move forward on tax and entitlement reform."

The aide emphasized that negotiations with the White House had not yet gotten into detailed discussions on potentially complicated reforms to the tax code and big social programs like Medicare and Medicaid.

For example, the aide said no decisions had been made on where Medicare and Medicaid savings would come from - beneficiaries or medical providers. "All that is still to be decided," the aide said.

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