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Today on the Cycle: Fiscal What?

With all the fiscal cliff talk going around Washington, the latest centers on Speaker John Boehner’s (R-OH) backup plan, or better known as “Plan B”.
Speaker of the House John Boehner, R-Ohio, joined by the Republican leadership speaks to reporters about the fiscal cliff negotiations with President Obama following a closed-door strategy session, at the Capitol in Washington, Tuesday, Dec. 18, 2012. ...
Speaker of the House John Boehner, R-Ohio, joined by the Republican leadership speaks to reporters about the fiscal cliff negotiations with President Obama...

With all the fiscal cliff talk going around Washington, the latest centers on Speaker John Boehner’s (R-OH) backup plan, or better known as “Plan B”.

On Monday the White House submitted an updated fiscal cliff proposal called the “$2.4 trillion total debt reduction”. This plan included $1.2 trillion in new revenue, $1.22 trillion in spending cuts, a two-year debt limit increase, and an expiration of Bush-era rates for incomes over $400,000. Thus, the White House conceded on some of their main points in hopes of trying to reach a deal with the GOP.

However, instead of offering a counteroffer, Speaker Boehner has offered what he calls “plan b” as he is referring to it as. This backup plan of Speaker Boehner’s includes extending Bush-era tax rates on incomes of $1 million or higher, addresses the AMT & Estate tax, but does not address sequestration. So, what exactly is this plan? And is there any support for it?

The House has scheduled a vote for Speaker Boehner’s Plan B on Thursday, so will this actually get through the House? According to a recent Gallup poll while President Obama has a higher favorability rating than Speaker Boehner at 48% to 25%.  Congress’s approval rating is only at 18% - seems low but it’s higher than the 13% they were polling this summer.

To help us understand what is actually happening Newsweek Daily Best Columnist Dan Gross joins the conversation during today’s show. Tune in at 3:10 p.m. to see what he has to say.