President Barack Obama would veto House Speaker John Boehner's "Plan B" fiscal cliff legislation, the White House said Wednesday. "The House amendment will not protect middle class families and does little to address the Nation's fiscal challenges as it includes no spending cuts," a statement issued by the White House read. If the president were presented with the House amendment, the statement added, "he would veto this legislation." That promise followed Boehner's Tuesday announcement of the proposal, an alternative to the House GOP one that had stalled amid the impasse on taxes and spending cuts. "Plan B" would let tax rates rise on people making more than $1 million, instead of the $400,000 the White House had stipulated. But NBC's First Read team writes that Boehner's efforts to get "Plan B" through the House are puzzling — not least because it's doubtful he has the votes to pass it. It's also puzzling because he and the White House are very close to finalizing a deal already, and because even Plan B's passage would offer scant returns for Boehner, according to First Read.