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.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.