“Plan B” Vote Thwarted, “Fiscal Cliff” Standoff Drags On

Unable to round up enough support, House Republicans abruptly put off a vote Thursday night on legislation allowing tax rates to rise for households earning $1 million and up, complicating attempts to avoid a year-end fiscal cliff that threatens to send the economy into recession.

In a brief statement, House Speaker John Boehner said the bill "did not have sufficient support from our members to pass."

He said that now it is up to the president to work with Senate Majority Leader Harry Reid "on legislation to avert the fiscal cliff."'

The White House says President Barack Obama is willing to continue bargaining for a bipartisan solution to avert the "fiscal cliff" after House Republicans abandoned efforts to pass an alternative plan.

White House spokesman Jay Carney says Obama intends to work with Congress. He did not mention House Speaker John Boehner's failure to muster the votes for his so-called Plan B.

Obama and his aides have been critical of Boehner's proposal to raise tax rates on incomes above $1 million. Boehner's plan would not have raised the amount of revenue that Obama has demanded.

One Republican lawmaker said Boehner told them he would call Obama in hopes of setting up a meeting.

Copyright 2012 The Associated Press