'Fiscal Cliff' Negotiations: Boehner's Plan B

Speaker Boehner is putting his plan, which is not supported by Democrats, up for a vote.
1:27 | 12/20/12

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Transcript for 'Fiscal Cliff' Negotiations: Boehner's Plan B
We'll get the latest on that fiscal cliff. Down to 12 days before everyone's taxes go up and every government program is cut. And that is a little more slykely with private talks frozen and both sides blaming each other for the breakdown. Jonathan karl has all this from washington. All of the focus on speaker john boehner's fallback plan, what he is calling plan "b." Reporter: Things have gotten so low in these talks that boehner is moving ahead with the backup plan that the president so opposes, he says he will veto. Under plan "b" most of the tax cuts will be extended for those making over $1 million. For those under $1 million, the tax rates would go up. This could do nothing to address the issues. Like spending cuts and the debt ceiling. Democrats are calling this vote a waste of time. But boehner is saying the president has a choice. Support this plan or see a massive tax increase on virtually all americans after JANUARY 1st. They seem to think this is going to put the pressure back on the white house. But, jon, like you, I've been in touch with both sides overnight. And these talks right now are going absolutely nowhere. The chance that the country is going to go over that fiscal cliff are really rising. Reporter: Absolutely. They are blaming each other, not talking to each other. George, I really see no sign of a big breakthrough anywhere on the horizon.

This transcript has been automatically generated and may not be 100% accurate.

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