The U.S. House of Representatives could vote as early as Thursday on House Speaker John Boehner’s latest deficit reduction proposal.
West Virginia Third District Congressman Nick Rahall says he’ll oppose the so called Plan B because he says it will not keep the U.S. economy from going over the fiscal cliff on January first. “I think I’ll wait and see what Plan C, Plan D or Plan E might be,” he said.
On Tuesday, The White House quickly rejected Speaker Boehner’s proposal that would keep current tax rates in place for everyone in the New Year except for those who earn more than $1 million a year. It would be a short term move, allowing time for negotiations on a larger deal.
Reports indicate Plan B would still allow automatic government spending cuts to begin next month, as scheduled, while making the current estate taxes and alternative minimum taxes, both GOP priorities, permanent.
“The Speaker has spoken quite often about how we have to stop kicking the can down the road, but that is exactly what his Plan B does,” Congressman Rahall said.
President Barack Obama’s original proposal would extend Bush era tax cuts only for those who earn less than $250,000 annually. During ongoing negotiations, the White House has indicated the threshold could be raised to $400,000.
Congressman Rahall says the talks need to continue. “The negotiations themselves, it’s hard to predict at this point. We still have time. After all, Congress, we still have a whopping 12 days.”
The Congressman was a guest on Wednesday’s MetroNews Talkline.
Even if the Plan B proposal makes it out of the House this week, Senate Majority Leader Harry Reid has indicated it will go nowhere in the U.S. Senate.