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Entries in Extend (2)

Saturday
Dec042010

Senate Votes Down Bills to Extend Tax Cuts

Photo Courtesy - Getty Images(WASHINGTON) -- The showdown over tax cuts stalled in the Senate on Saturday when lawmakers twice voted down bills that would have extended middle class tax cuts.

“We need to redouble our efforts to resolve this impasse in the next few days,” President Obama said, “to give the American people the peace of mind that their taxes will not go up on Jan. 1.”

Senate Republican Leader Mitch McConnell said that despite the bills’ defeat, this is not the end of the discussion.

“I'm relatively confident that the end of this process will lead us to, I think, a very sensible decision not to raise taxes on anybody in the middle of a recession.”

South Carolina Republican Sen. Lindsey Graham echoed that sentiment Saturday on the Senate floor, saying the Bush-era tax cuts should be extended for all Americans.

“This is not the time for our government to raise taxes on anybody,” Graham said.

One option would have preserved the tax cut for individuals who make $200,000 or less and couples making $250,000 or less; the other would keep the cuts for anyone making $1 million a year or less.

Copyright 2010 ABC News Radio

Friday
Dec032010

Biden Urges Senate to Extend Middle Class Tax Cuts

File photo. Photo Courtesy - ABC News(WASHINGTON) -- Vice President Biden made another pitch on Friday for Congress to make the middle-class tax cuts permanent, in light of what he called a "disappointing" jobs report.

"To me, it's unthinkable that we would continue the uncertainty in the job market," Biden said, "that we would risk letting...these middle-class tax credits falter. It would...have a significant economic impact. Our recovery is under way, but it's fragile. It's too slow, especially for the American middle class, and Congress needs to act now -- again, before they leave town -- to make sure taxes do not go up for middle-class Americans. They can't afford it, but the economy cannot afford it either."

Even amid the tax cut negotiations still taking place, the vice president urged the Senate to join the House in voting on the bill passed Thursday in the House.

"There's nothing we do for our economy that's more immediate and more important than ensuring that these tax cuts remain in place," Biden said, "The consequences of letting this aid lapse are, quite frankly, dire."

Copyright 2010 ABC News Radio







ABC News Radio