WASHINGTON (December 19, 2012)—U.S. House Speaker John Boehner said Wednesday President Barack Obama should support a Republican plan to avoid January tax increases on everyone but those earning over $1 million.

Boehner said if Mr. Obama doesn't support the measure, the president will be responsible for what he calls "the largest tax increase in American history."

Boehner spoke to reporters Wednesday at the Capitol after Mr. Obama said he believed a deal with the speaker was close to head off huge tax increases and spending cuts that will take effect in January unless lawmakers act.

Mr. Obama and Boehner have yet to produce a compromise.

Boehner plans a House vote Thursday on his Plan B, which would head off most of the tax increases, but the White House said Mr. Obama would veto that measure.