Obama would veto Republican “Plan B” on fiscal cliff

President Obama will reportedly veto Republicans’ “Plan B” effort to avoid the fiscal cliff if the bill makes it to his desk. The plan would extend low tax rates for everyone but very high earners, those making $1 million and above. Obama says the plan doesn’t adequately balance spending cuts and tax hikes. He has previously said he’d be open to a plan with higher taxes for those making $400,000 or more.