Obama rejects Boehner backup plan on "fiscal cliff"
WASHINGTON Dec 18 (Reuters) - The White House on Tuesday rejected House of Representatives Speaker John Boehner's "fiscal cliff" backup proposal, saying it fails to meet President Barack Obama's call for a balanced approach and does not put enough of a tax burden on the wealthiest Americans.
The White House weighed in after an aide to Boehner, the top Republican in Congress, said the the speaker would begin work on "Plan B" legislation, which would simply extend lower tax rates for incomes below $1 million a year, while negotiations proceed with the White House on a broader tax and spending deal.
"He (Obama) 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," Obama spokesman Jay Carney said in a statement. "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."
- Separatists take armored vehicles, humiliating Ukraine forces |
- Hundreds still missing in deadly Korea ferry sinking |
- Ocean floor search for missing Malaysia plane cut short again
- BofA reports first quarterly loss since 2011 on lofty legal bill
- Wall Street gains on Yellen comments and Yahoo; BofA falls