"We are not close to a deal," Corker said. "I've been trying for three weeks — standing on my head, doing cartwheels — to try to pivot to entitlement reform. This is not a deal here." (Read More:
Boehner Proposing a "Plan B" Option
A source familiar with the negotiations told CNBC the president's new proposal on Monday included lowering his revenue target again to $1.2 trillion, and moving up his threshold for tax hikes on the rich to households making over $400,000. Until now, Obama had insisted on raising taxes on those making $250,000 and above. Boehner said he's willing to go to a million dollars. (Read More:
Obama Moves Goal Posts 'Out of the Ballpark,' says Lindsey
Obama's new offer did detail some spending cuts and saving projections. But Corker characterized them as "nebulous," insisting that any deal needs to include a trillion dollars in entitlement reforms.