NEW DEVELOPMENTS: Boehner Remains Hopeful On Fiscal Cliff Compromise
WASHINGTON (AP) - House Speaker John Boehner says he remains hopeful that a fiscal cliff compromise can be reached but says President Barack Obama has yet to offer a balanced deficit-cutting plan.
Boehner told reporters Tuesday that Obama's latest offer is for $1.3 trillion in tax increases over the next decade but just $850 billion in spending cuts. Boehner said that is not balanced enough.
As a result, Boehner says he is readying an alternative bill that would keep taxes from increasing on everyone earning $1 million or less.
Without an agreement, taxes will increase on virtually every American taxpayer on Jan. 1, and wide-ranging spending cuts will also begin.
WASHINGTON (AP) - House Speaker John Boehner is proposing a 'Plan B' option to keep taxes from increasing on people making less than $1 million on Jan. 1.
A Boehner aide says the speaker is calling on Congress to pass a bill on only the tax cuts, while also working with the White House to avert the "fiscal cliff," which includes a series of spending cuts.
The aide said Boehner presented the proposals to the House GOP during a caucus meeting Tuesday morning. He informed the president of his 'Plan B' option during a phone call Monday night.
The aide requested anonymity in order to discuss private negotiations.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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