A Republican counter-offer to the President's deficit-fighting plan is shot down by the White House, leaving the fight to fix the fiscal cliff at a continued standstill.

FOX News Radio's Rich Johnson reports from Washington:

South Carolina Senator Lindsey Graham sums up the Republican philosophy.

(Graham) "I'm for generating more revenue only if we get entitlement reform."

And the GOP plan unveiled by House Speaker John Boehner calls for just that: Raising the eligibility age for Medicare, as well as lowering cost-of-living hikes for social security. The plan's revenue component contains no tax hikes, it would close tax loopholes for a predicted increase of $800-billion over ten years.

(Carney) "The rates have to rise, and the Republicans need to acknowledge that."

The word from White House spokesman Jay Carney just an hour before the Republicans released their plan yesterday.

In Washington, Rich Johnson, FOX News Radio.

CLICK HERE to read the letter from GOP leaders to President Obama.

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