Markets stumble as 'fiscal cliff' vote axed Americans are not close to getting the US fiscal cliff deal done, so let the apocalypse come. It's a short-term correction, and it won't be very deep because Hong Kong is still flooded with a lot of cash. Overnight, Republican members of the US Congress made clear they would reject a "Plan B," proposed by the house's speaker, to avoid the "fiscal cliff" because it included plans for a tax rise on those making more than $1m a year. John Boehner had presented his plan as a set of conservative measures to prevent taxes from going up on every American family in the event that negotiations with the White House broke down and no deal could be reached to avert the "cliff." The collapse of the "Plan B" means that direct negotiations between President Barack Obama and Mr Boehner are now the only hope for averting the $600 billion in tax rises and automatic spending cuts due to begin in less than two weeks. The White House pledged to work with Congress to reach a deal as quickly as possible. "We are hopeful that we will be able to find a bipartisan solution quickly that protects the middle class and our economy," White House spokesman Jay Carney said. President Obama and Mr Boehner aim to reach a deal before the New Year, when taxes will automatically rise for nearly all Americans and the government will have to scale back spending on domestic and military programmes.