Republican House leaders late Thursday abandoned plans to vote on a bill that would raise taxes on those earning $1 million or more a year.
The bill could not garner enough votes to pass the so-callled Plan B because no Democrats supported it and dozens of Republicans were simply unwilling to raise tax rates without assurances that the increase would be matched by trillions of dollars in spending cuts.
Here is House Speaker John Boehner's statement:
"The House did not take up the tax measure today because it did not have sufficient support from our members to pass. Now it is up to the president to work with Senator Reid on legislation to avert the fiscal cliff. The House has already passed legislation to stop all of the January 1 tax rate increases and replace the sequester with responsible spending cuts that will begin to address our nation's crippling debt. The Senate must now act."
