In 10 days, virtually all Americans will be hit with a tax increase and deep government spending cuts will follow shortly behind. That is, unless Congress and President Obama can find a way to avert the "fiscal cliff."
It's not looking very promising at the moment. On Thursday night, House Speaker John Boehner, R-Ohio, pulled the plug on a measure he was calling his "Plan B" and sent his members home for Christmas.
The most important measure of power on Capitol Hill can be summed up with a question: "Do you have the votes?"
For House Speaker John Boehner, the answer once again appears to be "no." In a move that's hard to view as anything short of humiliating for the speaker, Boehner had to shelve his own "Plan B" fiscal-cliff-avoidance proposal Thursday evening after it became clear he couldn't get enough fellow Republicans to support it.
On this morning after he couldn't get fellow Republicans to support his "Plan B" for avoiding the year end "fiscal cliff" of automatic tax increases and spending cuts, House Speaker John Boehner took some questions from reporters.
We listened in and posted updates. Hit your "refresh" button to see our latest additions:
-- Update at 10:12 a.m. ET. House Will Come Back "If We're Needed":
House Speaker John Boehner's "major defeat" Thursday night — when he had to pull his "Plan B" to extend Bush-era tax cuts for nearly all American taxpayers because he couldn't get enough support from his fellow Republicans — means negotiations about avoiding the so-called fiscal cliff remain at an impasse.