“Senate Democrats and the White House now say that a ‘balanced approach’ is one that can pass both the House and Senate,” McConnell said on the floor Wednesday. “Speaker BoehnerJohn Andrew BoehnerFormer top Treasury official to head private equity group GOP strategist Steve Schmidt denounces party, will vote for Democrats Zeal, this time from the center MORE, like me, would like to prevent a tax hike on everyone. But given the president’s failure to act, the House will soon vote on legislation to prevent a tax hike on anyone making less than a million dollars a year — rather than letting taxes go up on every American taxpayer.”

If lawmakers don’t act, Bush-era tax rates will expire for all income levels in January. Democrats want to extend the Bush-era tax rates for those making $250,000 or less, while Republicans have said any income tax increases would damage the economy. McConnell said there is still time for Congress to act to prevent such tax hikes.

“There’s still time to prevent further damage to the economy and to stop the automatic tax hike on every American that’s scheduled to go into effect at the beginning of the New Year,” McConnell said. “[The president] has a real opportunity to show he can govern.

“Democrats will have an opportunity to offer and vote on changes if they no longer agree with their previous positions. But what they can’t do is sit on their hands and let taxes go up on every American taxpayer.”

McConnell said that if senators agree to work late nights this week, there is still time to finish votes before the weekend.

President Obama and Boehner are still working to reach an agreement to avoid the "fiscal cliff," by addressing tax increases and sequestration, which takes effect next year.

The House is expected to hold a vote on Boehner's Plan B on Thursday.