The White House rejected a House GOP proposal Tuesday to extend the Bush tax cuts for those making up to $1 million, saying it doesn’t go far enough and wouldn’t pass the Senate anyway.
The swift White House response came shortly after House Speaker John Boehner, along with other House GOP leaders, proposed the tax-cut extension as a fallback position, or “Plan B,” in case the “fiscal cliff” talks failed.
Boehner said he still hopes to reach a “balanced” agreement with the administration on the fiscal cliff. But he said he expects the “Plan B” proposal to come to the House floor later this week.
“I believe it’s important to protect as many American tax payers as we can,” Boehner told reporters.
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