House Speaker John Boehner announced this morning that the Republican-controlled House will move forward with a plan of their own, in lieu of an agreement with President Barack Obama, to cancel out certain tax hikes taking effect on Jan. 1.
Boehner (R-Ohio) said the House would vote this week to extend tax breaks for those making less than $1 million a year.
‚??Plan B is to protect as many American taxpayers as we can,‚?Ě Boehner said. ‚??It‚??s not a time to put Americans through more stress.‚?Ě
The last deal offered by the president and rejected by House Republicans called for $1.3 trillion in new revenues, or tax hikes, with a commitment to reduce the deficit by $850 billion.
‚??Many times, the speaker felt he was negotiating with himself,‚?Ě said Rep. Kevin McCarthy (R-Calif.).
The alternative plan put forward by Boehner address only part of the so-called ‚??fiscal cliff,‚?Ě lawmakers must still decide how to address a slew of automatic spending cuts on military and domestic programs that also takes effect on Jan. 1.