Obama Considers Tax Cut Extention

By: Associated Press
By: Associated Press

WASHINGTON (AP) - The White House says President Barack Obama
would consider extending Bush-era tax cuts for upper income earners
as Republicans have demanded.

After the Democrats' electoral battering this week, the president tried to retake the political initiative today, inviting Republican and Democratic congressional leaders to meet with him on the economy and jobs. White House spokesman Robert Gibbs says he expects the Nov. 18 meeting to be the first of many.

On tax cuts, Gibbs says Obama continues to believe that permanentaly extending cuts for higher earners is not a good idea,
but would be open to an extension of one or two years. The
president has said he wants to see the cuts for middle-income
families continued.

A spokesman for Senate Minority Leader Mitch McConnell says the
Kentucky Republican is "encouraged" by Obama's invitation.
Earlier in the day, McConnell said the only way for the GOP to
realize its goals of cutting spending and shrinking goverment would
be to "put someone in the White House who won't veto any of these

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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