WASHINGTON (December 18, 2012)—U.S. House Speaker John Boehner said Tuesday he remains hopeful that a fiscal cliff compromise can be reached, but said President Barack Obama has yet to offer a balanced deficit-cutting plan.

Boehner told reporters Tuesday that Mr. Obama's latest offer is for $1.3 trillion in tax increases over the next decade but just $850 billion in spending cuts.

Boehner said that is not balanced enough and said he’s readying an alternative “Plan B” bill that would keep taxes from increasing on everyone earning $1 million or less.

But the White House rejected Boehner's plan to push a backup tax bill.

In a statement, White House spokesman Jay Carney said Boehner's "Plan B" approach can't pass the Senate, and he said it would do little to address the nation's fiscal challenges.

Unless the White House and Congress reach a deal, a series of tax increases and spending cuts begin taking effect on Jan. 1.

“The President is hopeful that both sides can work out remaining differences and reach a solution so we don’t miss the opportunity in front of us today,” Carney said.