At a press conference this morning, Speaker John Boehner announced a "backup plan" to avert the "fiscal cliff." Bohener said that negotiations are deadlocked because the president is insisting on $1.3 trillion in new tax revenue for $850 billion in spending cuts.
"At the same time that we're going to continue to talk with the president, we're going to move Plan B," Boehner said. "I think we all know that every income tax filer in America is going to pay higher rates come January the first unless Congress acts. So I believe it's important that we protect as many American taxpayers as we can. Our Plan B would protect American taxpayers who make $1 million or less and have all of their current rates extended."