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.
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