John Boehner Fiscal Cliff 2012 Press Conference Live

Speaker John Boehner (R-Ohio) will hold a press conference at 10 a.m. on Friday to address the fiscal cliff negotiations. Speculation is that he will concede ground to Democrats.

Speaker Boehner suffered an embarassing defeat Thursday at the hands of his own party. Enough Republicans refused to support his "Plan B" option, which would prevent taxes from rising on all but those earning more than $1 million a year, that it was taken off the table.

Now, the Republican's backs are against the wall and they are likely to put the ball back in the court of President Obama and Democrats, to let them offer a solution to avoiding the fiscal cliff and suffer the brunt of any fallout from unhappy voters.