NEW : `` The president will work with Congress to get this done , '' the White House says . THE FACTS: The fiscal cliff 's tax hikes and spending cuts are set to take effect in January .
NEW : `` The president will work with Congress to get this done , '' the White House says . The House Speaker says his Plan B was n't voted on because it did n't have `` sufficient support '' A bill to alter cuts did narrowly pass the House ; the White House says it would veto . The fiscal cliff 's tax hikes and spending cuts are set to take effect in January .