Mandel Ngan, AFP/Getty Images
WASHINGTON -- House Speaker John Boehner says he remains hopeful that a fiscal cliff compromise can be reached but says President Barack Obama has yet to offer a balanced deficit-cutting plan.
Boehner told reporters Tuesday that Obama's latest offer is for $1.3 trillion in tax increases over the next decade but just $850 billion in spending cuts. Boehner said that is not balanced enough.
As a result, Boehner says he is readying an alternative bill that would keep taxes from increasing on everyone earning $1 million or less.
Without an agreement, taxes will increase on virtually every American taxpayer on Jan. 1, and wide-ranging spending cuts will also begin.
The Associated Press