Republicans readying a back-up plan called "Plan B", in case there's no fiscal cliff deal. However, the White House already signalling disapproval of the fall-back measure.
FOX News Radio's Jared Halpern reports from Washington:
With the prospect of across the board tax hikes just two weeks away, House Speaker John Boehner wants...
(Boehner) "A back-up plan to make sure that as few American taxpayers are affected by this increase as possible."
The "Plan B" would raise tax rates on million dollar incomes, but President Obama's most recent offer extends rates for families up to $400,000.
White House Press Secretary Jay Carney dismissing Boehner's "Plan B", arguing it cannot pass both chambers of Congress. Democratic leaders in the House and Senate also signal opposition.
In Washington, Jared Halpern, FOX News Radio.
READ a statement by Press Secretary Jay Carney:
The President has put a balanced, reasonable proposal on the table that achieves significant deficit reduction and reflects real compromise by meeting the Republicans halfway on revenue and more than halfway on spending from where each side started. That is the essence of compromise. The parameters of a deal are clear, and the President is willing to continue to work with Republicans to reach a bipartisan solution that averts the fiscal cliff, protects the middle class, helps the economy, and puts our nation on a fiscally sustainable path. But he is not willing to accept a deal that doesn't ask enough of the very wealthiest in taxes and instead shifts the burden to the middle class and seniors. The Speaker's "Plan B" approach doesn't meet this test because it can't pass the Senate and therefore will not protect middle class families, and does little to address our fiscal challenges with zero spending cuts. The President is hopeful that both sides can work out remaining differences and reach a solution so we don't miss the opportunity in front of us today.