Republicans reject tax hike, push cuts in "fiscal cliff" offer

WASHINGTON (Reuters) – Republicans proposed steep spending cuts on Monday but gave no ground on President Barack Obama's call to raise taxes on the wealthiest in their first formal proposal to avert a "fiscal cliff" that could push the U.S. economy into recession. After days of stalemate, the Republican offer shows deep differences with President Barack Obama as the two sides work to head off across-the-board spending cuts and tax increases due to take effect in January. The White House dismissed the proposal and said it contained no new ideas. …