The White House on Wednesday said that President Obama would veto a bill to extend tax cuts for Americans earning under $1 million a year that House Speaker John A. Boehner (R-Ohio) is advancing as backup plan if he and the president can’t strike a broader deal to avoid the fiscal cliff.

The White House said that Boehner’s proposal -- which would allow the Bush tax cuts to expire for household income over $1 million-- failed to ask enough of wealthy Americans, does not save enough to reduce the deficit and keeps several of the worst elements of the fiscal cliff, including deep spending cuts in domestic and defense programs and Medicare.

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