Developing: U.S. House of Representatives Republican leaders on Monday called for $2.2 trillion in new deficit-reduction over 10 years in their latest effort to avert an end-of-year fiscal cliff.

When counting deficit reductions enacted last year and anticipated savings from winding down the wars in Iraq and Afghanistan, the package would amount to $4.6 trillion in savings over a decade, according to House Republicans.

House Speaker John Boehner and six other House Republican leaders made the offer in a letter to President Barack Obama.

Click here to read the full letter.