House Speaker John Boehner (R-Ohio) will discuss the next steps to avoid the so-called "fiscal cliff" on Friday, the day after Republicans pulled his "Plan B" legislation due to a lack of votes within their conference
Boehner will speak to the media at 10 a.m. and is expected to press Senate Democrats to find a solution to avert the tax hikes and spending cuts that will automatically happen in January if Congress does not act.
Boehner's "Plan B" would have guaranteed the extension of current tax rates on annual income up to $1 million. The bill allowed rates to rise for taxpayers earning more. All current tax rates are set to expire at the end of the year, and negotiations over extending them have stalled between the parties because Republicans wanted to extend all the rates. President Obama has urged Congress to allow rates to go up on families making more than $250,000 a year, though in his more recent proposal he offered to only raise rates on income above $400,000 per year.
Boehner, announcing that the House would not vote on "Plan B" Thursday night, said, "Now it is up to the president to work with [Senate Majority Leader Harry] Reid [D-Nev.] on legislation to avert the fiscal cliff."
The House is in recess until after Christmas.