Obama Readies Backup Fiscal Cliff Plan As Senate Leaders Continue Work on Solution

By Jonathan Nicholson, Cheryl Bolen, and Marc Heller

President Obama said after a meeting with congressional leaders at the White House Dec. 28 that he had asked Senate Majority Leader Harry Reid (D-Nev.) to seek a vote on a backstop plan that would allow the “middle class” tax cuts–for individuals making $200,000 or less and families making up to $250,000 annually–to continue, extend long-term unemployment benefits, and set up a process for further deficit reduction.