House passes Spending Reduction Act in close vote, White House promises veto

In what many are calling a preview of the vote to allow the Bush tax cuts to expire for those with incomes over $1 million, the House tonight passed a spending reduction plan, but just barely.

The vote on a tax hike for those making more than $1 million is expected soon. House Speaker John Boehner has been trying to promote the idea that no amount of tax hikes will fix the economy, even pushing a Twitter hashtag, #SpendingIsTheProblem.

Within minutes, the White House had promised a veto were the legislation to pass the Senate, an outcome which also seems unlikely.

Time for a huddle.

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