House Speaker John Boehner told rank-and-file Republicans that they should consider a “Plan B” on how to avert automatic tax increases and spending cuts known as the fiscal cliff.
House leadership sources say the option would be for the chamber to pass a plan letting top tax rates increase on income
over $1 million only.
The House would then send that bill, along with a House-passed bill extending the current tax rates enacted under former President George W. Bush for everyone, and leave it up to the Senate to decide.
“For weeks, Senate Republicans--and a growing number of you--have been pushing for us to pivot to a 'Plan B.' I think there's a better way,” Boehner told GOP members at a meeting on Tuesday, according to his office.
But Boehner added: “The White House just can't seem to bring itself to agree to a 'balanced' approach, and time is running short. Taxes are going up on everyone on Jan. 1. They're baked into current law. And we have to stop whatever tax rate increases we can.”