He’s still trying to pass off phantom “entitlement savings” as legitimate spending cuts.

(Politico) — President Barack Obama has proposed raising tax rates on income above $400,000 — up from $250,000 — as part of a counteroffer to House Speaker John Boehner aimed at reaching a deal to avert the fiscal cliff, according to a source familiar with the talks.

The $2.4 trillion proposal offers an equal amount of revenue and spending cuts, meeting a dollar-for-dollar demand that Boehner has placed on the scope of a final package.

Obama proposed $1.2 trillion in new revenue, down from his previous offer of $1.4 trillion. And he offered $1.2 trillion in spending cuts, including $400 billion in entitlement savings [not cuts, savings -ed] , which is an increase of $50 billion.

The counteroffer was made Monday, following Boehner’s concession Friday to raise rates on income above $1 million. Boehner has offered to raise $1 trillion in revenue and cut $1 trillion in entitlements.

Obama has also proposed changing the inflation calculator for Social Security, while allowing protections for the most-vulnerable populations. He is also seeking an extension of unemployment benefits and new infrastructure spending.