Boehner abandons fiscal cliff plan as Republicans balk.
(Reuters) - Republican lawmakers delivered a stinging rebuke to their leader, House of Representatives Speaker John Boehner, on Thursday when they failed to back an effort designed to extract concessions from President Barack Obama in year-end "fiscal cliff" talks.
The dramatic twist threw into disarray attempts to head off $600 billion (369 billion pounds) worth of indiscriminate tax hikes and spending cuts that could push the U.S. economy into recession next year.
It also cast doubt over Boehner's future as speaker after failing to control unruly conservatives in his caucus.
With only 11 days left for bickering politicians to prevent automatic tax hikes and spending cuts, U.S. stock futures fell sharply on the news of the rebuke to Boehner.