Economy & Budget

Boehner moves on tax cut in lieu of White House agreement

Boehner moves on tax cut in lieu of White House agreement

House Speaker John Boehner announced this morning that the Republican-controlled House will move forward with a plan of their own, in lieu of an agreement with President Barack Obama, to cancel out certain tax hikes taking effect on Jan. 1.

Boehner (R-Ohio) said the House would vote this week to extend tax breaks for those making less than $1 million a year.

“Plan B is to protect as many American taxpayers as we can,” Boehner said. “It’s not a time to put Americans through more stress.”

The last deal offered by the president and rejected by House Republicans called for $1.3 trillion in new revenues, or tax hikes, with a commitment to reduce the deficit by $850 billion.

“Many times, the speaker felt he was negotiating with himself,” said Rep. Kevin McCarthy (R-Calif.).

The alternative plan put forward by Boehner address only part of the so-called “fiscal cliff,” lawmakers must still decide how to address a slew of automatic spending cuts on military and domestic programs that also takes effect on Jan. 1.

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