The House and Senate have each approved a bill to deal with the expiration of Bush-era tax cuts at year’s end. The GOP-controlled House passed a measure to keep all the current tax rates for another year, while the Democratic-led Senate approved a bill that would continue the tax breaks for households with income up to $250,000.
Brandishing its favored bill, each party has tried to claim the moral high ground concerning leaving this task undone for at least another month. Democrats say Congress shouldn’t take a break until Republicans agree with them. House Speaker John Boehner (R) of Ohio said in a letter to Senate leadership that when Democrats see the light and want to extend the Bush-era tax rates to everyone, he’ll be happy to call Congress back into session.
Where does that leave Congress in relation to the $560 billion in lower government spending and higher taxes set to hit the US economy come Jan. 1? No closer to solving it.
