Obama open to compromise in tax grid lock

After the U.S. Senate shot down two attempts by Democrats to extend the Bush-era tax cuts to the middle class, President Obama and G.O.P. leaders signified that a compromise may be on the horizon, according to the New York Times and Wallstreet Journal.

The Senate fell short of the 60 votes it needed to bring a bill to the floor that would extend tax cuts to individuals earning less than $200,000 and couples earning less than $250,000, with some Senate Democrats joining all of the Senate Republicans voting against the bill this weekend, according to the Wallstreet Journal.

The Senate also prevented debate on a bill that would raise the threshold of the middle class tax cuts to those earning less than $1 million and make that limit permanent.

President Obama told Democratic leaders that he is open to extending the tax cuts to all individuals with some concessions from Republicans, including extending unemployment benefits, according to the Wallstreet Journal.

Sen. Mitch McConnell, the Republican Leader, said in an interview on "Meet the Press" Sunday that he predicted the Bush-era tax cuts would be extended temporarily to all citizens, including those making over $250,000, despite the wishes of Obama and most Senate Democrats, and extending unemployment benefits would be part of this compromise, according to the New York Times.

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This page contains a single entry by zittl005 published on December 5, 2010 8:09 PM.

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