The White House rejected the “plan B” proposal by House Speaker John Boehner, saying the plan does not ask enough of the wealthiest US nationals on taxes.
Later in the day, House Majority Leader Eric Cantor said he foresees a vote on “plan B” on Thursday, and he anticipates to have enough votes to pass the measure.
Congress and the White House have so far failed to strike a deal. Failure to reach a deal will trigger sharp tax increases and spending cuts. That will shrink consumer spending, stifle job growth, topple stock prices, and eventually push the economy into recession.