Democrats immediately criticized House Republicans' so-called "Plan B" for the fiscal cliff unveiled earlier today.
White House spokesman Jay Carney said a statement that the plan will not be able to pass the Senate and will not protect middle class families or provide spending cuts.
Earlier, Senate Majority Leader Harry Reid, D-Nev. called tha plan "the farthest thing from a balanced approach" which Democrats will not support.
Carney said President Obama is hopeful that the two sides can still work out their final differences and reach a compromise.
"The parameters of a deal are clear, and the president is willing to continue to work with Republicans to reach a bipartisan solution that averts the fiscal cliff, protects the middle class, helps the economy, and puts our nation on a fiscally sustainable path,'' he said. "But he is not willing to accept a deal that doesn’t ask enough of the very wealthiest in taxes and instead shifts the burden to the middle class and seniors."