White House: The President Would Veto Boehner’s Plan B

In a statement released by the White House, Communications Director Dan Pfeiffer says President Obama would veto John Boehner’s “Plan B” proposal to extend Bush tax cuts for everyone making up to $1 million:

This approach does not meet the test of balance, and the President would veto the legislation in the unlikely event of its passage.

The president’s position has been that middle-class tax cuts on income up to $250,000 should be extended, although on Monday he offered a concession to Republicans, saying he would accept extending tax cuts on the first $400,000 of income. Republicans rejected that offer, however, responding with Boehner’s “Plan B” to set the threshold at $1 million.

Boehner first offered the $1 million proposal on Friday, so in countering with $400,000, the White House appeared to be saying that $1 million was too high a threshold, but that it was willing to negotiate on a threshold in order to get a deal on the fiscal cliff. But with Republicans rejecting that offer (which also included Social Security cuts), and the White House now rejecting “Plan B” the publicly-stated positions are far apart.

h/t Daily Kos