The GOP-controlled House is moving ahead Thursday on a bill that would raise taxes on people earning over $1 million a year, sparing most workers from a tax hike but leaving in place painful budget cuts to the military and domestic agencies as "fiscal cliff" talks appear stalled.
The move, dubbed "Plan B" by Republican House Speaker John Boehner, seems to be aimed at upping the year-end pressure on Capitol Hill Democrats and President Barack Obama, but it looks to be a dead letter in the Senate and earned a White House veto threat Wednesday.
A supremely confident Obama dismissed Plan B in a Wednesday news conference, telling reporters he and Boehner were just a few hundred billion dollars apart on a 10-year, $2 trillion-plus deficit-cutting pact.
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