If a deal isn't reached by January 1st, automatic across-the-board spending cuts and tax increases would kick in.
Boehner says Plan B would extend the Bush-era tax cuts for everyone making less than a million dollars.
In the meantime, he would continue to negotiate a broader deal with President Obama.
The White House responded Plan B can't protect middle class families because it cannot pass the Senate.
The White House statement also says Plan B would do little to address the nation's fiscal challenges because it has no spending cuts.