(UPI) -- House Speaker John Boehner says he and Republicans still hope to reach agreement with President Obama on a "balanced" approach that averts the fiscal cliff.

"What we've offered meets the definition of balance," Boehner said Tuesday during a media availability, "but the president is not there yet."

He said the Obama administration's latest offer Monday was "at $1.3 trillion in new revenues for only $850 billion in net spending reductions. That's not balanced in my opinion."

Boehner said he was going to "Plan B," which he said would protect taxpayers earning $1 million or less and "have all of their current rates extended."

"I continue to have hope that we can reach a broader agreement with the White House that would reduce spending as well as have revenues on the table," Boehner said. "I think it would be better for our country, but at this point, having a backup plan to make sure that as few American taxpayers are affected by this increase as possible, moving down that path is the right course of action for us."

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