Obama would veto Republican "Plan B" on fiscal cliff: White House

WASHINGTON Wed Dec 19, 2012 10:39am EST

U.S. President Barack Obama delivers remarks at the White House in Washington November 28, 2012. REUTERS/Kevin Lamarque

U.S. President Barack Obama delivers remarks at the White House in Washington November 28, 2012.

Credit: Reuters/Kevin Lamarque

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WASHINGTON (Reuters) - President Barack Obama would veto the House Republican "Plan B" tax proposal designed to avert January 1 tax hikes, the White House said on Wednesday, saying the plan does not do enough to balance spending cuts and tax increases.

The veto threat comes less than two weeks before a series of tax hikes and automatic budget cuts that could push the U.S. economy toward a so-called fiscal cliff and trigger another recession.

Republicans in the U.S. House of Representatives could vote on Thursday on a "Plan B" tax bill that House Speaker John Boehner said would extend low tax rates, except on income of $1 million and above.

The White House has said Obama would accept a deal that puts the threshold for income tax hikes at $400,000, a higher threshold than his initial offer.

"The President urges the Republican leadership to work with us to resolve remaining differences and find a reasonable solution to this situation today," White House Communications Director Dan Pfeiffer said in a statement.

(Reporting By Matt Spetalnick, Mark Felsenthal and Roberta Rampton; Editing by Alistair Bell and David Brunnstrom)

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Comments (26)
Harry079 wrote:
What was “Plan A” again?

Dec 19, 2012 10:18am EST  --  Report as abuse
Wassup wrote:
I’m getting a $16. increase per month windfall in my Social Security next year. What are YOU idiots in the Executive and Legislative branches doing to earn your stipends? So far, the word is nothing of substance. America and its citizens are offended and demand sane (if at all possible) leadership from our national leaders. At the moment stupidity reins in both the Senate and the House Leadership to match the Executive Branch on response to key issues affecting all of us. GET BUSY! WE HOLD YOU COMPLETELY RESPONSIBLE FOR THE MESS OUR NATION IS IN.

Dec 19, 2012 10:27am EST  --  Report as abuse
flashrooster wrote:
Plan A was move to plan B.

Dec 19, 2012 10:28am EST  --  Report as abuse
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