Fiscal cliff: White House says President Obama would veto Speaker Boehner's 'Plan B'

Would extend tax cuts for people making up to $1M

WASHINGTON - The White House says President Barack Obama would veto House Speaker John Boehner's 'Plan B' proposal for extending tax cuts for people making up to $1 million.

White House communications director Dan Pfeiffer says it is unlikely that such a bill would pass the Senate. In a statement, he says the deficit reduction that would result from the 'Plan B' approach is minimal and offers no spending cuts.

Pfeiffer says Obama urges Republican leaders to work with the White House to find a reasonable solution instead of engaging in "political exercises." Unless both sides reach an agreement, a series of tax hikes and spending cuts will go into effect starting Jan. 1.

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