News Summary: Boehner to pursue 'Plan B' on taxes
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Source: Business News
Originally published: Dec 18, 2012 - 4:17 pm
Originally published: Dec 18, 2012 - 4:17 pm
(AP) - SEPARATE TRACK: House Speaker John Boehner said Tuesday that Republicans would march ahead with their own tax plan while he and President Barack Obama negotiate a broad deal on how to avoid the fiscal cliff.
SOUND LIKE A PLAN? Boehner's "Plan B" would extend soon-to-expire Bush-era tax cuts for everyone making less than $1 million. But it would not address $110 billion in across-the-board spending cuts also set for the Pentagon and domestic programs next year.
THUMBS DOWN: The plan was immediately rejected by the White House and Capitol Hill Democrats.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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