Source: Dana Bash and Tom Cohen / CNN
Washington – House Speaker John Boehner on Tuesday proposed letting tax rates go up on income above $1 million as a short-term step to avoid some of the fiscal cliff while continuing to negotiate a broader deal with President Barack Obama.
The White House and Democratic leaders immediately rejected Boehner’s move, saying the focus of the incremental negotiations should be a comprehensive deficit-reduction agreement.
The back-and-forth in the halls of Congress came two weeks from the end of the year, when automatic tax hikes and spending cuts of the fiscal cliff will take effect.
At a news conference after meeting with House members Tuesday, Boehner called his new proposal a “Plan B” to avoid tax rates rising on everyone next year as part of the fiscal cliff.
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