President Obama and House Speaker John Boehner have just eleven days to strike a deal to avoid the fiscal cliff. Yesterday, House Republicans nearly reached a vote for Speaker Boehner's "Plan B," which would extend the Bush-era tax cuts to all Americans earning under $1 million, among other measures. Senate Democrats promised to reject this latest proposal.
House Speaker Boehner seems to believe the President's hands are tied. "He can call on Senate Democrats to pass that bill, or he can be responsible for the largest tax increase in American history," Boehner told reporters yesterday on Capital Hill.
While President Obama promised to veto "Plan B," in the event that it reached his desk, he seemed somewhat optimistic about reaching a deal. "What separates us is just a few hundred billion dollars. The idea that we would put our economy at risk because you can’t bridge that gap doesn’t make a lot of sense," the President explained.
Christina Bellantoni, political editor for PBS NewsHour, explains how the two sides might come together, and whether the President and Speaker Boehner have another plan in the works.