(Story updated from 9:05 p.m. ET with White House's statement and latest stock futures reaction.)
NEW YORK (
TheStreet) -- He'll have his own party to blame, but it's investors who may end up paying for it.
House Speaker John Boehner released a statement Thursday night that he didn't have the votes from members to pass his "Plan B" fiscal-cliff proposal.
"The House did not take up the tax measure today because it did not have sufficient support from our members to pass," Boehner said in a statement issued to reporters. "Now it is up to the president to work with Sen.
Reid on legislation to avert the fiscal cliff."
Futures on the
Dow Jones Industrial Average
plunged immediately after reporters received Boehner's statement. As of 9:25 p.m. ET, Dow futures had plunged 197 points, or 1.48%, to 13,070. The S&P 500 was off 22 points, or 1.49%, to 1,419, while the Nasdaq was slumping 38 points, or 1.42%, to 2,652.
The move marks a critical stumble for the Republican leader, who had been attempting to rally his base behind an alternative budget plan to President Obama's.
Reports emerged earlier Thursday that White House officials said Boehner couldn't gather enough Republican support for his own bill to succeed in the House.
Reports also revealed that some Republican members of the House had refused to accept a deal that proposed income tax increases across all tax brackets. Boehner's proposal included raising marginal rates on $1 million or more on income earned.
The move could provide a crucial bargaining chip for Obama and Senate Democrats, who have operated lock-step on fiscal cliff proposals.
Press Secretary Jay Carney released a White House statement about an hour after Boehner's announcement.
"The President's main priority is to ensure that taxes don't go up on 98 percent of Americans and 97 percent of small businesses in just a few short days," Carney said in the statement. "The President will work with Congress to get this done and we are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy."
-- Written by Joe Deaux in New York.