White House spokesman Dan Pfeiffer said President Obama will veto House Speaker John Boehner's so-called "Plan B" for the fiscal cliff unveiled Tuesday.
"The Congressional Republican “Plan B” legislation continues large tax cuts for the very wealthiest individuals - on average, millionaires would see a tax break of $50,000 - while eliminating tax cuts that 25 million students and families struggling to make ends meet depend on and ending critical incentives for our nation’s businesses,'' he wrote. "It would also cut off a vital lifeline of unemployment assistance to 2 million Americans fighting to find a job just a few days after Christmas, while deeply cutting Medicare. The deficit reduction is minimal, and perversely, given its authors, solely through tax increases with no spending cuts. This approach does not meet the test of balance, and the President would veto the legislation in the unlikely event of its passage."
Senate Democrats have already indicated they will not pass the bill, which would likely have rates go up only for millionaires. Other Bush-era tax rates would stay the same.
“The White House’s opposition to a back-up plan to ensure taxes don’t rise on American families is growing more bizarre and irrational by the day,'' Boehner spokesman Brendan Buck said. "Republicans have always said a broader, ‘balanced’ plan is the ideal solution, and we have put one forward. In the absence of a ‘balanced’ solution from the President, however, we must act to stop taxes from rising across the board in 12 days. If Democrats disapprove of this bill, then there is a simple solution: amend it in the Senate and send it back to the House."