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Updated 10:48 a.m. - President Barack Obama would veto House Republicans' "Plan B" legislation should it make its way to the White House, a top administration spokesman said Wednesday.
President Barack Obama and House Speaker John Boehner may be the closest they've ever been to a fiscal cliff deal. The Daily Rundown's Chuck Todd reports.
White House communications director Dan Pfeiffer said in a statement that the GOP backup proposal -- which would preserve existing tax rates on income less than $1 million past the end of this year -- "does not meet the test of balance, and the president would veto the legislation in the unlikely event of its passage."
House Speaker John Boehner, R-Ohio, unveiled the "Plan B" proposal on Tuesday amid stalled talks with Obama toward resolving the combination of automatic tax hikes and spending cuts set to take place on Jan. 1 -- the so-called fiscal cliff.
The proposal would allow tax rates rise on income over $1 million, matching a previous Democratic proposal earlier this year. The administration, however, has set a lower threshold ($400,000 per year) at which it believes taxes should be allowed to rise. Moreover, the administration has argued for a more comprehensive agreement that includes spending cuts and entitlement reforms, but also new spending projects and an extension of unemployment insurance.
Kevin Lamarque / Reuters
U.S. President Barack Obama walks back to the Oval Office of the White House in Washington December 18, 2012.
"The congressional Republican 'Plan B' legislation continues large tax cuts for the very wealthiest individuals - on average, millionaires would see a tax break of $50,000 - while eliminating tax cuts that 25 million students and families struggling to make ends meet depend on and ending critical incentives for our nation’s businesses," Pfeiffer said.
Republicans, as of now, plan to move forward with a set of twin votes on Thursday, one to maintain existing tax rates for those earning less than $250,000 per year (Obama's existing proposal) and the GOP "Plan B" alternative. Boehner. who is continuing to negotiate a broader deal with Obama, will likely have to pass his backup plan only with Republican support -- and even then, conservatives who are leery of raising any taxes at all may defect.
"The president urges the Republican leadership to work with us to resolve remaining differences and find a reasonable solution to this situation today instead of engaging in political exercises that increase the possibility that taxes go up on every American," Pfeiffer wrote.
"The White House’s opposition to a back-up plan to ensure taxes don’t rise on American families is growing more bizarre and irrational by the day," said Boehner spokesman Brendan Buck in response. "Republicans have always said a broader, ‘balanced’ plan is the ideal solution, and we have put one forward. In the absence of a ‘balanced’ solution from the President, however, we must act to stop taxes from rising across the board in 12 days. If Democrats disapprove of this bill, then there is a simple solution: amend it in the Senate and send it back to the House."
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New spending projects? Obama is smokin' his underwear. Raising taxes on $1 MILLION or $400k will not justify new spending projects. No new spending until we get rid of useless spending! What is wrong with our government. Millionaires should pay no less than 30% of their income - I don't care WHERE the money comes from. Then entitlement programs like SNAP, welfare, etc need to be redone to rid themselves of abuse. Then spending needs to be cut on stupid things like sending our money to other countries and ridiculous research and testing projects. Once we get ourselves back in the green (like that will ever happen), then lets add new spending projects. I wish people would use the brain God gave them!
The Instant OBama vetoes any proposal, He should own the Issue, there needs to be a demonstration of Leadership. OBama has displayed none to this point in the game except Obstructionism.
I don't always have picture of Obama, but when I do its because I just got done wiping my ass.
Oh no,and yes,he does own the issue and the proposals that he has put forth to Congress are in agreement with the vast majority of us out there.He owns the issue and we are all sitting back here watching the GOP make complete fools of themselves.Do they *really* think the majority of Americans will take the screwing they are proposing? A million dollars salary before tax hikes kick in?..Are you serious? Get real and pay the f&&k up aholes!We all pay up every day,so there's no reason they cant stand up to the plate to and kick in their fair share.Obama knows that we know this.He does not take us for fools, we elected him in a vast majority,and disgraced Pew Research ,Gallup and Faux News in the process.Yes,we know whose hands are getting greased and it did'nt work this go round.SO PAY UP!
So already the Republican "snake in the grass" negitiating ploy has caused the stock market to reduce all of our assets just as the horror show of 2011.
I spent my life in my job negotiiating large contracts for major corporations. If such a slimy move as Boehner pulled yesterday occurred, I was instructed to stop discussions, close my briefcase, and refuse any further work from that client. The bad ethics would permeate all future business transaction. It was to our disadvantage to do business with that organization.
Seems as if the same situation holds true here. The slimy behavior was forefront last summer. It is becoming predominate in this round. Obama should just stand his ground and walk away from these Repukes. If he does not, he have to deal with these unethical actions for the next four years.
Obama should just stand his ground and walk away from these Repukes
But then he would be what he accused them of being. Members of the party of NO.
Or is that acceptable because it would be Obama saying no?
Its Obama and the Demoncrats who are refusing to compromise, the GOP has already done so. If we go over the fiscal cliff it will be Obummers fault.
Its Obama and the Demoncrats who are refusing to compromise, the GOP has already done so. If we go over the fiscal cliff it will be Obummers fault.
Thomas I dont fault them for not compromising,what Boehners Plan B is, is ridiculous.And I still cannot believe how out of touch these guys are with the real world.Over 99% of the people out there dont make even close to a million a year not even a tiny percentage of that.Face this fact if you are making a quarter of a milllion dollars a year( and yea even in Manhattan)then you are considered by the majority of this society as well off.You can easily pay 40% of your quarter million dollar salary to the government and still be well off.Lets see, I make $250,000 a year and the fricken government take 40 % of that or $100,000.I STILL make a hundred grand! And thats with no deductions.Lets put that in perspective a little.My wife and I make a little over $40,000 a year.Thats gross not net.We take home around $28,000.We are considered lower middle class.We prefer to be here.I did not prefer to be a millionaire,not my cup of tea.Not all of us are fortunate enough to be in that position but if you are then that means you will have to pony up support for those who are less fortunate.Not because the majority of us are lazy,ohno most who make little work their behinds off at what they know.They would not be employed if they did not.No you will now pay for the income inequality that was generated by your predecessors whether you like it or not.You all have two wars to pay for,that had no influece on world affairs at all.You will now pay for being pompous and arrogant.If refusing to compromise spills us over the fiscal cliff then so be it but make no doubt for the 90% of us lowlifes out there whom you consider not worthy of existence, it will be the Grand Old Party who will take the blame for us going there.Do not forget that when you lose the big game you will keep losing and losing,until you change.If there is no change then you will die,that is the way of nature.
The madates deserve the tax hikes coming their way. A Budget is what keeps people and countries from going bankrupt. We are now going on 5 years with spending out of sight as The Dems load up their Christmas list they hope somebody else pays for.Lets all go off the cliff ! Hope I land on a bunch of mush head democrats to soften my fall.
The media is clearly biased towards reporting the differences with the side on the right. Where is the coverage of the Democrats criticizing Rep. Pelosi and President Obama for their attempt to compromise?
M.J wow thank you, I was beginning to wonder if I was the only one to see that.
You Go OBAMA!!!! Say NO to these GREED and SELFISH DECEIVING, TWISTED, LYING, SMOKE & MIRROR sons of bitches extremist CAPITAL COMMUNIST PIGS.
These PIGS robbed the Americans of their TAX DOLLARS. TIME FOR THE DEVILS TO PAY UP and SHUT UP.
Wow you must be the dumbest person on here. The top 1% pays 38% of all income tax paid, maybe you and the other 46% that pay nothing should step up to the plate and contribute before telling somebody else to "pay their fair share"
if it passes the house, that means it would still have to pass the senate before getting to obama ---- i find it somewhat intriguing that obama promises to veto it, even if it has support from both parties.
Thats because the President has realized he has spent the country into the ground and wants it to go over the fiscal cliff so every pays more.
Obummer is by far the worst president ever. Shame on any and everyone who voted for him. He continues to divide this country. The GOP compromised and yet the President refuses to. To bad so many weak minded people support this idiot. There sure are a lot of jealous have-nots out there. Obummer wants the US to go of the fiscal cliff because that dumb ass has spent our country into the ground and if we go over then everyone who actually pays taxes has to pay more, then Obummer will be out there blaming the GOP with is racism and class warfare comments.
If he wouldn't veto it, he knows he'd have an American Revolution to deal with! The 99% American People are TOTALLY FED UP with the corrupt Republican corporate MONARCHY & their "BOUGHT & PAID FOR" political puppets! SOCIAL SECURITY IS OUR MONEY! And now they're messing with "OUR" money and that AIN'T GONNA HAPPEN! The 99% American People know that THEIR SOCIAL SECURITY IS SOLVENT, AT LEAST UNTIL THE YEAR 2030 and even after that it only would drop a small percentage!
It's time for BIG CHANGE! And, that time is NOW!! Not later, but RIGHT NOW! Piss on John Bonehead & his political puppet buddies! IT'S TIME FOR CHANGE!!
Veto it,,,,,,,,,,,,,,,,,,,,,,because borrowing .46 cents of every dollar is a wayyyyyyyyyy better idea.
We borrow $1,200,000,000,000.00 dollars every year. Raising taxes on the evil rich will being in an additional $55 billion dollars a year.
We will still need to borrow $1,145,000,000,000.00 next year.
Thanks Barry, you raised taxes enough to cover 1/3rd of the projected growth in government projects.
Spending and deficets are fine as long as the Republican chicken hawks are making a profit.
Too bad if the seniors have to choose between dog or cat food and whether they should buy their medicine.
Taxing the "evil rich" will not solve our country's problem. The additional income from raising the taxes on people making would run our country for only 8 days.
Everybody needs to step up and I mean everybody.
England and France have both tried taxing the rich more and it has failed miserably.
Of course he'll veto any of Boehner's stupid proposals. We are going to see our taxes rightfully return to the rates they were in the Clinton Administration. The Bush tax cuts didn't work -PERIOD !! There is no reason to keep the welfare for the rich when he can end it. Oh the tax cuts for people will come back after the new congress convenes and Boehner loses again....
He had better veto Plan B. It is about time he stood up to these extremists. We are all fed up with the Party of NO.
Every American is responsible for the debt, because they have voted for the smarted politicians on the planet, who diligently spent future of every American accumulated debt over the decades, without realizing the fact that they were playing zero sum game therefore, every American should be taxed. It is funny to watch smarted people bickering over imaginary thresholds in an effort to divide Americans for a political gain.
What plan B??? The repubs and their speaker can't put $h!t together. This GOP led House is pathetic, these bums have done everything within their power to keep the United States and its people that aren't rich down in the dumps. You scuzz defenders of this political party are just as guilty as these impostor of representatives of the American people are, and you all need to be called out and stripped of everything. I'm just so sick of you obstructionist and hate mongers of this President, that a "Tar and Feather" bath is the only dress that you repubs need to wear. Just step out of the way and let real Americans that want to help out other Americans do their work... You bottom of my shoe gum scuzzes...
I say go over the cliff and then 2 million of Obama voters will have to get a job !!!
Wow, this media bias put FOX news to shame in terms of the inaccuracies and blame they cast. This is the exact same plan that Obama was in support of 3 years ago.
But by all means, cast the blame on the Republicans for not wanting to compromise when Obama puts out a budget, and says sign it or I'll get on National Television and blame you for causing the fiscal cliff. Oh, and BTW, my NEW compromise is that with the tax increase on the rich, I will count that money towards the deficit, and then call the interest saved by creating this tax a spending cut so I can make it look like I'm cutting government spending. Anyone out there beside me that believes this is NOT a spending cut, and calling it such is nothing short of a lie?
As a former professor of constitutional law, the President should recognize that our government was founded on the principle that the people's representatives should initiate all revenue legislation. Article II of the Constution is specific as to that, and it has never been modified to allow the President to be the ruler who dictates how the money is collected or how it is to be spent. Obama needs to get on board with American values and let the House of Representatives, who were elected just as much as he was, do their job. Then he should respect the Constitution and the choice of those electing their representatives, and accept their decision.
2 things to cut in spending that would make a huge difference.
1) Cut the salaries of congress and the president , they have been over paid for decades
2) cut off aid to countries like India, pakistan, all middle eastern countries , and while at start collecting the money owe from those countries, if not cash they can pay in oil.
too bad we cannt impeach obama for breaking his promises
obama is a lair , cheat, traitor , coward , publicity seeking scumbag
The President is going to veto the so-called Plan B. This is the little "Richie Rich Ryan" Economic Plan. That is fact! "Bonehead Boehner" is just Cognitively Disabled, Mentally Ill, and just has no common sense. "Bonehead Boehner" is supporting the Koch Brothers, and "Goofy Grover." This is a President who is very cunning, intelligent, creative, and very intellectual. That is fact! The "Teabegger Congress" has been bought and paid for by the ALEC Group. The "Teabegger Congress" must be voted completely out in 2014, and for now is not the time to take a "Political Nap." Progressive Power Think Tanks around the nation are sick of the Teabeggers, and their continued "Severe Mental Illness." Hey! Hey! Ho! Ho! The Party Of NO has got to go!!