WASHINGTON (AP) - House Speaker John Boehner says he remains hopeful that a fiscal cliff compromise can be reached but says President Barack Obama has yet to offer a balanced deficit-cutting plan.

Boehner told reporters Tuesday that Obama's latest offer is for $1.3 trillion in tax increases over the next decade but just $850 billion in spending cuts. Boehner said that is not balanced enough.

As a result, Boehner says he is readying an alternative bill that would keep taxes from increasing on everyone earning $1 million or less.

Without an agreement, taxes will increase on virtually every American taxpayer on Jan. 1, and wide-ranging spending cuts will also begin.

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