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House GOP plans vote on fiscal cliff ‘Plan B’

The Republican-controlled House pushed ahead Thursday with a bill that would raise taxes on people earning over $1 million a year as hopes faded for a pre-Christmas deal between President Barack Obama and Speaker John Boehner to avert the so-called fiscal cliff.

By Andrew Taylor | Updated on December 20, 2012
President Barack Obama speaks about the fiscal cliff as he takes questions from reporters, Wednesday, Dec. 19, 2012, at the White House in Washington. (AP Photo/Charles Dharapak)

WASHINGTON (AP) — The Republican-controlled House pushed ahead Thursday with a bill that would raise taxes on people earning over $1 million a year as hopes faded for a pre-Christmas deal between President Barack Obama and Speaker John Boehner to avert the so-called “fiscal cliff.”

Senate Majority Leader Harry Reid, D-Nev., said lawmakers would return to the Capitol on the Thursday after the holiday as a grand bargain to avoid the automatic tax hikes and spending cuts proved elusive.

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