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Fiscal Cliff 'Plan B' Gets Veto Threat From Obama

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WASHINGTON -- The White House says President Barack Obama would veto House Speaker John Boehner's `Plan B' proposal for extending tax cuts for people making up to $1 million.

White House communications director Dan Pfeiffer says it is unlikely that such a bill would pass the Senate. In a statement, he says the deficit reduction that would result from the `Plan B' approach is minimal and offers no spending cuts.

Pfeiffer says Obama urges Republican leaders to work with the White House to find a reasonable solution instead of engaging in "political exercises." Unless both sides reach an agreement, a series of tax hikes and spending cuts will go into effect starting Jan. 1.

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