GOP leaders outlined their plan in a letter to President Obama today Monday.
It would reportedly shave more than two trillion dollars from the deficit over the next decade.
The proposal includes cuts from programs like Medicare and proposed savings through tax reform.
In a statement, White House officials said the plan isn't fair and balanced and sticks the middle class with the bill.
President Obama has said any deal must raise taxes on the wealthy.
Republicans object to any increase in taxes.
Without a compromise, automatic tax hikes and spending cuts are scheduled to take effect January first.