Closer Look: Fiscal cliff competing plans

Let's take a closer look at the competing plans on the table right now to avoid the so-called fiscal cliff.

Neither means federal spending will actually decrease. Only the projected increases wouldn't be as much.
    
The White House plan would reduce projected spending by $4.4 trillion over the coming decade.
    
Partially by increasing taxes by $1.6 trillion.
    
The top tax rates would be returned to Clinton-era rates of 36 and 39.6 percent.
    
Right now, they are 33 and 35.
    
Also, on health care, the president wants to cut $350 billion over ten years from Medicare and Medicaid.
    
The president is also including a trillion dollars in cuts already on the books and wants the power to raise the debt ceiling without Congress' approval.
    
As for Republicans, they say their plan would reduce the increasing deficits by $2.2 trillion over 10 years.
    
They don't include those previous cuts.
    
The GOP wants to increase tax revenue by $800 billion over a decade by overhauling the tax code.

As for health care, Republicans want to trim $600 billion of future spending over 10 years by slowly increasing Medicare eligibility to 67 and raising the income limit on withholding for Social Security.