House Speaker John Boehner, R-Ohio. (AP Photo/J. Scott Applewhite, File)

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.

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