Treasury Secretary Timothy Geithner offered Republican House Speaker John Boehner a proposal to avert an end-of-the-year fiscal cliff that would trade $1.6 trillion in tax increases for $400 billion in unspecified entitlement program cuts, a Republican aide said.

The proposal calls for a permanent increase in the U.S. debt limit that would avoid the need for congressional action, said the aide, who wasn’t authorized to speak publicly.

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