Reid: GOP has walked away from negotiations

Senate Majority Leader Harry Reid (D-Nev.) told reporters Tuesday that Speaker John Boehner (R-Ohio) has effectively walked away from fiscal cliff negotiations.

Reid said Boehner's Plan B proposal to extend the Bush-era tax rates for family income under $1 million will not pass Congress.

"Today, House Republicans have threatened to abandon serious negotiations," Reid said. "Boehner's proposal will not pass the Senate."

Reid said the Senate Democratic caucus is unified in opposition to Boehner's "Plan B."

Reid said he is reviewing what to do if the House passes the fallback measure and sends it to the upper chamber. One option would be to amend it to lower the threshold for extending tax rates. Reid said he has met with staff and the Senate parliamentarian to mull his choices.

Reid declined to say whether he could support the proposal reportedly considered by the White House to use a new formula for calculating Social Security cost-of-living adjustments, noting that he will not be asked to vote on just that provision but instead on a broad package.

Reid said President Obama has not heard from Boehner since making a new counteroffer Monday.

"He hasn't heard a word from him," Reid said.

Senate Republican leader Mitch McConnell (Ky.) said he would support Boehner's plan as it would shield the vast majority of the nation from tax increases. He said his preference, however, is that taxes not go up on any subset of the public.