Update: The House Rules Committee is sending a bill that cuts spending to the floor, along with House Speaker John Boehner's Plan B. The closed rule and the bill, which Chairman David Dreier defended as similar to the Sequester Replacement and Reconciliation Act that passed the House earlier this year, was added to the committee's agenda late Wednesday.
The speaker's Plan B proposal originally addressed only tax rates, which would be lowered for people earning less than $1 million. Earlier this week, several lawmakers said they were uneasy about voting for a bill that did not have any spending cuts, and conservative groups, including Heritage Foundation, opposed the plan.
The Rules Committee released a statement outlining the differences between what is being called the Spending Reduction Act of 2012 and the earlier reconciliation legislation. The differences are slight, according to the statement and include date changes.
The rule and bill for both the tax and spending-cut measures are expected to be debated Thursday.