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Boehner to Pursue “Plan B” to Avoid Higher Taxes

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  • Description

    FBN’s Rich Edson with the latest details in the fiscal cliff negotiations.

  • Duration 3:06
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We have breaking news right now on the on the debate within the Republican Party about the fiscal cliff deal.

Rich -- has the watts what what's being discussed yet what is the latest French.

A plan B on the fiscal cliff on taxes Steward this is coming from house speaker John Boehner who's addressing Republicans right now we have a source in the room telling us.

That Republicans will vote.

On a plan B in the house likely this week.

It will allow Americans to avoid higher tax rates starting on January 1 as deals is just the tax portion here.

On different rates so the threshold that Republicans want is a million dollars you wouldn't get a tax hike.

On your rates if you earned less than one million dollars annually so that's a plan B that Republicans will vote on on the house.

House speaker John Boehner still wants a grand bargain with President Obama the two sides were drawing closer the last night -- deal.

Gave some discouragement to house speaker John Boehner so he's putting -- second plan on the table.

Preferred the -- with President Obama but house Republicans are preparing for this thing to come apart they will take -- tax vote this week kick it to the senate.

So it -- sounds like.

-- -- -- cannot sell the deal that he's approaching with President Obama to his own house members so -- going to as you site plans -- you.

Concentrate only on the tax side and put a vote before the house at some point maybe this week.

Is that roughly what's happening here.

Roughly -- and also what happens is this allows speaker Boehner to go back to the president and say look.

As we're finishing the details of this proposal between the two of us just know.

That their house is voted on this plan just in case our negotiations fail because there are points where the -- partner few hundred billion dollars in revenue in taxes apart.

And also the president wants some four years of debt ceiling authority -- Republicans have been willing.

To give only one year and that's been a major problem among Republicans so a lot of internal politics going on here as the house speaker makes this -- now.

-- to his conference rich as you've been breaking this news we've been showing our viewers what's happening to the future is on the stock market earlier this morning.

When the two sides appeared to be edging closer together and a deal looked a little bit more likely a big deal -- would be.

We have the futures -- -- a forty or 50% gain for the stock market.

Since the new is that you just broke we now see the Dow industrial is likely to open just bought five points fire that's it so the markets.

Is sort of saying look we wanted an overall deal.

-- probably not gonna get it in the near future so rich that saying.

We prefer a big deal but we only gonna get a deal a vote on taxes that's it's that's it.

Well I wouldn't.

Entirely rule out that a big deal is possible the speaker wants a big deal.

This is a back up plan.

It side not a great sign for negotiations but still a big deal is possible there is a plan -- on the table -- Richardson thank you very much indeed breaking news indeed and we'll.

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