Fiscal Cliff Moves to 'Plan C': Just Vote on Anything
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House Speaker John Boehner was dealt a blow Thursday, scrapping his own "Plan B" after failing to win backing from anti-tax constituents.
Members of the House won't vote again on end-of-year budget issues until after the Christmas holiday, according to reports out Friday. This give the lawmakers less than one week to come up with the solution to avert the pending fiscal cliff.
The move will likely add some pressure to markets over the next few days and a new deal will become even more challenging to pass.
Commenting on Thursday, Boehner said, "The House did not take up the tax measure today because it did not have sufficient support from our members to pass...Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff."
Obama is said to now be seeking a deal with congress which will prioritize extending current tax rates for households making under $250,000 per year, according to the WSJ this morning, citing press secretary John Carney. Obama will likely meet with Senate Majority leader Harry Reid (D., Nevada) over further steps.
The White House is likely to also include an extension of unemployment-insurance benefits, though nothing is set in stone.
Through December 17th, Boehner had previously been moving toward a deal which included $1 trillion of tax increases and spending cuts.
U.S. markets are heading lower in early trading Friday, with the S&P 500 down over1.3 percent.
Members of the House won't vote again on end-of-year budget issues until after the Christmas holiday, according to reports out Friday. This give the lawmakers less than one week to come up with the solution to avert the pending fiscal cliff.
The move will likely add some pressure to markets over the next few days and a new deal will become even more challenging to pass.
Commenting on Thursday, Boehner said, "The House did not take up the tax measure today because it did not have sufficient support from our members to pass...Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff."
Obama is said to now be seeking a deal with congress which will prioritize extending current tax rates for households making under $250,000 per year, according to the WSJ this morning, citing press secretary John Carney. Obama will likely meet with Senate Majority leader Harry Reid (D., Nevada) over further steps.
The White House is likely to also include an extension of unemployment-insurance benefits, though nothing is set in stone.
Through December 17th, Boehner had previously been moving toward a deal which included $1 trillion of tax increases and spending cuts.
U.S. markets are heading lower in early trading Friday, with the S&P 500 down over1.3 percent.
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