President Obama had vowed to veto "Plan B," arguing that it would not raise enough revenue. After House Speaker John Boehner pulled the measure Thursday night because he couldn't generate support among fellow Republicans, the White House press secretary issued this statement:

"The President’s main priority is to ensure that taxes don’t go up on 98 percent of Americans and 97 percent of small businesses in just a few short days. The President will work with Congress to get this done and we are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy."