By Colin Campbell 12/19/12 2:41pm

Cliffhanger

John Boehner Holds Press Briefing At Capitol

John Boehner Hopes the President ‘Will Get Serious’ About the Fiscal Cliff

The budgetary impasse in Washington continued today, with the White House rejecting Speaker of the House John Boehner’s “Plan B” proposal to extend the current, reduced tax rates for everyone but millionaires in an effort to solve the so-called “fiscal cliff.” Mr. Boehner responded by holding a press conference of his own this afternoon, where he said the Republican majority in his chamber will pass his plan anyway, and President Barack Obama will either accept it, “or he can be responsible for the largest tax increase in American history.”

“Republicans continue to work toward avoiding the fiscal cliff,” Mr. Boehner said in his extremely brief address. “The president’s officer of $1.3 trillion in revenues and $850 billion in spending reductions fails to meet the test that the president promised the American people, ‘a balanced approach.’ I hope that the president will get serious soon about providing and working with us, on a balanced approach. Tomorrow the House will pass legislation to make permanent tax relief for nearly every American, 99.81 percent of the American people. Then the president will have a decision to make. He can call on the Senate Democrats to pass that bill, or he can be responsible for the largest tax increase in American history.” Read More

By Colin Campbell 12/18/12 10:24am

Plan B

(Photo: Getty)

Republicans Announce ‘Backup Plan’ in Fiscal Cliff Negotiations

Earlier this morning, Speaker John Boehner and the U.S. House Republican leadership held a press conference to announce a new proposal to raise taxes on the wealthy and avoid the so-called “fiscal cliff,” or the steep set of spending cuts and tax increases that will arrive by the end of the year if a deficit deal is not reached. Specifically, Mr. Boehner’s plan would extend the current tax rates on everyone making less than $1 million a year, a sharp jump from President Barack Obama’s own counteroffer yesterday, which conceded a $400,000 ceiling. Mr. Obama had previously stood firm on allowing the tax cuts to expire for everyone making more than $250,000, a number that GOP lawmakers apparently found unacceptable.

“Our hope continues to be to reach an agreement with the president on a balanced approach that averts the fiscal cliff. What we’ve offered meets the definition of balance, but the President is not there yet,” Mr. Boehner began. “What the White House offered yesterday was essentially $1.3 million in new revenues, for only $850 billion in net spending reductions. That’s not balanced in my opinion. So, at the same time that we’re going to talk to the President, we’re going to also move ‘plan B.’” Read More