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Boehner Says He Will Protect Americans With 'Plan B'

NEW YORK (TheStreet) -- House Speaker John Boehner emerged Tuesday to propose a so-called "Plan B" budget deal, which would "protect" those Americans earnings $1 million or less.

Boehner used the opportunity to argue that President Barack Obama's latest proposals -- $1.2 trillion in new revenue over 10 years, $1.2 trillion in cuts over the same period and raising marginal rates on those earning $400,000 or more a year - doesn't present a balanced approach.

"The president is not there yet," said Boehner.

Boehner said he had hoped to put a bill together that he expects would reach the House floor later this week.

Obama hasn't publicly addressed the latest fiscal cliff negotiations since before the weekend, when he made appearances in Newtown, Conn. to mourn the loss of 26 people, 20 of whom were children, killed at Sandy Hook Elementary in one of the worst shootings in U.S. history.

-- Written by Joe Deaux in New York.

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