Republican ‘Plan B’ heads for House vote
Tax, spending bills nonstarters, Sen. Reid says as cliff clock ticks
WASHINGTON (MarketWatch) — Defying a White House veto threat, House Republicans on Thursday are pressing forward with a vote on a bill to raise taxes on Americans earning more than $1 million a year, in a bid to increase pressure on President Barack Obama in fiscal-cliff negotiations.
Republican leaders are confident that they have the votes for passage, but the so-called “Plan B” tax bill and a related measure to replace cuts to defense spending would have a short life on Capitol Hill, Senate Democrats made clear on Thursday.
“Speaker [John] Boehner’s plans are nonstarters in the Senate,” said Senate Majority Leader Harry Reid.
The House Republican measures come with just 11 days remaining to avert the fiscal cliff of automatic spending cuts and tax increases. Negotiations between Boehner and Obama have come to a standstill this week, and House Republicans readied Plan B in case talks with Obama collapse entirely.
Obama is urging Republicans to take his latest fiscal-cliff offer and White House spokesman Jay Carney reiterated on Thursday that Obama would veto Plan B in the unlikely event it gets through Congress. Carney called the GOP plans a “multi-day exercise in futility” and a “giant step backwards.”
House Republican leaders publicly remain adamant about extracting more concessions from Obama, even as the two sides’ positions have crept closer after a flurry of counterproposals in recent weeks. Read more MarketWatch fiscal-cliff coverage.
A vote on Plan B is expected Thursday evening.
