As the fiscal cliff draws nearer, is the Speaker of the House crying "uncle" and caving to tax hikes for the wealthiest Americans?

FOX News Radio's Kerin McCue reports:

A proposition from House Speaker John Boehner: Go ahead and raise taxes on those who make a million or more per year, in exchange for more spending cuts from the President.  While a source familiar with the fiscal cliff talks tells FOX News that this latest offer has not been rejected, many issues remain before a deal can be worked out - mainly: what to do about those expiring Bush-era tax cuts that would end automatically on January 1st, unless Congress and the President act fast.

An aide to the Speaker offered no comment.  The President insists on extending current rates for the 98% of taxpayers that earn less than a quarter-mil.

Kerin McCue, FOX News Radio.