The White House has issued a new offer to House Republicans in the ongoing talks over avoiding the so-called fiscal cliff. On Monday, the Obama administration disclosed it had submitted a proposal to House Speaker John Boehner that would extend the Bush-era tax cuts for households making under $400,000, rather than the $250,000 limit that President Obama has long sought. The offer also floats a lower revenue target of $1.2 trillion, down from $1.6 trillion. While Obama has offered to cut some $100 billion from military spending, he is proposing to cut even more from Social Security — $130 billion by adjusting the inflation index for Social Security benefits. The White House says the Social Security cuts would come with safeguards to protect the most low-income recipients.