WASHINGTON (AP) — House Speaker John Boehner said Tuesday that he is readying a backup bill aimed at averting the "fiscal cliff" because President Barack Obama has yet to offer a balanced package of revenues and spending savings that would cut burgeoning federal deficits.
Boehner's measure would cancel tax increases due to take effect Jan. 1 on everyone earning $1 million or less, while allowing tax increases on those earning more than that amount.
"I continue to have hope that we can reach a broader agreement with the White House" that would cancel a broad wave of tax increases and spending cuts now poised to begin in early January, Boehner, R-Ohio, told reporters.
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