Updated from 11:04 a.m. EST with response from the White House

NEW YORK ( TheStreet) -- House Speaker John Boehner emerged Tuesday to propose a so-called "Plan B" budget deal, which would "protect" those Americans earning less than $1 million.

Boehner used the opportunity to argue that President Barack Obama's latest proposals -- $1.2 trillion in new revenue over 10 years, $1.2 trillion in cuts over the same period and raising marginal rates on those earning $400,000 or more a year -- doesn't present a balanced approach.

"The president is not there yet," said Boehner.

"Plan B" would include raising rates just on those earning $1 million or more, implementing $1 trillion in spending cuts (mostly from entitlement programs) and locking in a process for tax and entitlement reform in 2013, according to Boehner.

White House Press Secretary Jay Carney released a statement Tuesday that said the president was not willing to accept Boehner's deal.

"The Speaker's 'Plan B' approach doesn't meet this test because it can't pass the Senate and therefore will not protect middle class families, and does little to address our fiscal challenges with zero spending cuts," Carney said.

Senate Majority Leader Harry Reid railed on Boehner's plan and said it would not protect middle-class families.

"Speaker Boehner's 'plan B' is the farthest thing from a balanced approach," Reid said in a statement. "It would be a shame if Republicans abandoned productive negotiations due to pressure from the Tea Party, as they have time and again."

Boehner said at a press conference that he had hoped to put a bill together that he expects would reach the House floor later this week.

Obama hasn't publicly addressed the latest fiscal cliff negotiations since before the weekend, when he made appearances in Newtown, Conn. to mourn the loss of 26 people, 20 of whom were children, killed at Sandy Hook Elementary in one of the worst shootings in U.S. history.

-- Written by Joe Deaux in New York.

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