Despite House rebellion, Obama is confident on tax deal

Despite critical outcries from Democratic members in the U.S. House of Representatives, President Barack Obama is confident Congress will pass the tax deal he compromised on with Republicans, according to CNN.

Debate on the enormous tax cut package proposed by the president began in the Senate Thursday night. The bill would extend the Bush-era tax cuts to all income levels, a measure secured by Republicans who opposed the president's wish to end the tax cuts for the wealthiest Americans, while extending unemployment benefits, according to the New York Times.

Democrats in the House are expressing fierce opposition to the bill, especially over the estate tax provision, which sets an exemption of $5 million per person with a top rate of 35 percent, according to the New York Times.

Democratic members of the House suggest that they will work to make more palatable revisions to the bill after it passes in the Senate.

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This page contains a single entry by zittl005 published on December 10, 2010 2:45 PM.

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