Late Thursday evening, House Speaker John Boehner (R-Ohio) called off a vote on his latest proposal to avert the fiscal cliff, acknowledging that he did not have the needed support of members of his own party.

Boehner's so-called Plan B proposal would have extended the Bush-era tax rates on ordinary and investment income for all taxpayers with a household income less than $1 million. But a vote in the affirmative still would have required members of his caucus to go on record in support of a tax increase, even if it only would have affected less than 0.2% of Americans.

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