Despite leaning hard on rank-and-file members, Boehner fails to pass ‘Plan B'; House adjourns, Dow plunges

We are seeing multiple reports on Twitter that House Speaker John Boehner’s so-called “Plan B” is dead, at least for now. The proposal, which was under consideration in the House this evening, would have extended tax cuts on annual income up to $1 million.

Earlier this evening, radio host Mark Levin said he heard that House GOP leaders attempted to strongarm Republican backbenchers into supporting the proposal. Here’s Levin’s post, from his Facebook page:

I am told the GOP leadership in the House is now threatening members with losing their committee posts if they do not vote for the Boehner tax increase.

If true, GOP leaders put their fellow Republicans, many of whom have pledged never to raise taxes, in an impossible spot. Either support Boehner’s plan, which most conservatives regard as a tax increase, or be stripped of power. Bear in mind that this pressure was being brought to bear on behalf of a bill that has virtually no chance of becoming law.

After a recess and some behind-closed-doors wrangling, the vote has been pulled and representatives are headed home for the holidays.

We’ll see. For now, the stock market is weighing in on the news by dropping sharply.

Update:

National Review’s Robert Costa deserves some sort of recognition for managing to compress the night’s events into just one tweet.

Related:

John Boehner caves on debt limit. Again.

Boehner puts tax hikes on table in latest fiscal cliff deal

Unconfirmed rumor: Boehner removing conservatives from finance-related committees; Update: Rumor is true

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