Boehner remains hopeful on fiscal cliff compromise

Speaker of the House John Boehner has proposed a backup plan if a deal on the fiscal cliff can not be reached.

Speaker of the House John Boehner has proposed

Speaker of the House John Boehner has proposed a backup plan if a deal on the fiscal cliff can not be reached. (Credit: News 12 Long Island)

WASHINGTON - Speaker of the House John Boehner has proposed a backup plan if a deal on the fiscal cliff can not be reached.

Boehner is calling on Congress to pass a bill that would reinstate only the tax cuts for everyone making less than a $1 million.

The Republican says he plans to continue to work with the White House to negotiate spending cuts.

Yesterday, the President Obama agreed to several concessions in the fiscal cliff negotiations.

Obama says he's willing to let the Bush-era tax cuts expire only for those making over $400,000 a year. His offer also includes a lower cost of living increase for people on Social Security.

Congress will head back to work the day after Christmas to hopefully hammer out a deal. They have until Jan. 1 to avoid a potentially devastating combination of tax increases and budget cuts. 

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