Washington (CNN) -- After progress earlier this week in fiscal cliff negotiations, President Barack Obama and House Speaker John Boehner butted heads Wednesday, setting the stage for a showdown as the deadline looms for an agreement. The negotiations had focused on a $2 trillion package of new revenue, spending cuts and entitlement changes the two sides have shaped into a broad deficit reduction plan. Boehner on Tuesday proposed a "plan B," which would extend Bush-era tax cuts on income of up to $1 million. He described it as a fallback option to prevent a sweeping tax hike while negotiations continue on a broader plan.
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White House threatens to veto Boehner's "plan B"
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President Obama suggests Republicans are fixated on besting him personally
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Speaker Boehner says the House will pass his fallback tax plan Thursday
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Without a deal, everyone's taxes go up in the new year
His comments at a @placeholder news conference came less than two weeks before the end of the year, when the nation's taxpayers would face automatic tax increases and deep spending cuts if no agreement is reached.