Since there's no compromise on tax reform yet, there's a "Plan B". It's a fiscal cliff alternative that House Republicans could approve today, but it's facing opposition from Democrats.

FOX News Radio's Jared Halpern reports from Capitol Hill:

House Republican leadership says the votes are there to pass its so-called Plan B.

(Cantor) "Absent a balanced offer from the President, this is our nation's best option."

Republican leader Eric Cantor explaining the two-pronged approach. First extending tax rates on incomes up to one million dollars. Then replacing automatic defense cuts with spending cuts elsewhere.

The vote will go no further. Senate Majority Leader Harry Reid says his chamber won't consider "Plan B".

(Reid) "The Republicans have wasted an entire week on a number of pointless political stunts."

With no deal in sight, both chambers now plan to be in session after Christmas.

On Capitol Hill, Jared Halpern, FOX News Radio.

WATCH for more on Speaker Boehner's "Plan B":

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