Tax Cut Update, Time Running Out for Extension

By: Associated Press
By: Associated Press

WASHINGTON (AP) - The top House Republican calls it "nonsense."

John Boehner (BAY'-nur) is talking about a House vote today on a measure that would let tax cuts for the wealthiest Americans expire.

It has no chance of passing in the Senate, and negotiators are working on a deal that would continue the tax cuts for all Americans. But it's a chance for Democrats to go on record as wanting to let taxes rise on the wealthiest Americans.

Boehner says one month after the election, the "political games" have started again.

Tax cuts enacted under former President George W. Bush are set
to expire at the end of the year. If Congress does not act, taxpayers at every income level would be hit with a significant tax increase.

Obama said today he's optimistic Democrats and Republicans can
reach agreements on critical issues in the coming weeks, including
what to do about the tax cuts.

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

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