WASHINGTON—The White House is defending President Barack Obama's proposal to set a higher threshold for tax increases than what he vowed to do during his presidential campaign. The White House says Obama has moved halfway to meet House Speaker John Boehner on a "fiscal cliff" deal that raises $1.2 trillion in tax revenue, down from the $1.6 trillion Obama had initially requested.

White House spokesman Jay Carney says that offering to raise taxes on taxpayers earning more than $400,000 rather than the $200,000 he ran on demonstrates, in Carney's words, Obama's good faith effort to reach a compromise.

The new tax proposal is contained in a broader plan that Obama gave Boehner Monday that would cut spending further and lower cost-of-living increases for most Social Security beneficiaries.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

The White House is rejecting House Speaker John Boehner's plan to push a backup tax bill as a way to deal with the "fiscal cliff."

In a statement, White House spokesman Jay Carney says Boehner's "Plan B" approach can't pass the Senate. And he says it does 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.

Boehner is calling for a separate bill to address only taxes. He wants lawmakers to extend tax cuts for people making

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up to $1 million.

Carney says the president is willing to continue working with Republicans to keep from going over the fiscal cliff.