Thursday, December 16, 2010

Tax Bill Heads to House for Hotly-Contested vote, President Obama Urges Passage with No Changes

The House of Representatives is expected to vote again today on the Obama-Republican tax compromise, which would extend tax cuts to all Americans for two years. The Senate has already approved the legislation, and the President has been pushing for Democrats in the House to get behind the compromise. Honestly, this entire process has become a nightmare. Here we are, 15 days from 2011, and we still don’t have the tax rates set in stone? Unbelievable.


    "I know that not every member of Congress likes every piece of this bill, and it includes some provisions that I oppose," President Obama said on Wednesday. "As a whole, this package will grow our economy, create jobs, and help middle class families across the country."

    The President wants the deal passed without any changes.

    The bill is expected to cost $858 billion, reported The Associated Press.

    The Senate backed the plan, passing it with an 81-19 vote on Wednesday.

    The lame-duck House vote, however, is shaping up to be a battle as some Democrats believe the tax package gives too many breaks to the rich.

    Before the plan goes to a vote, the House will first vote on whether to raise the estate tax, which, if passed, would force the bill to return to the Senate, a signal that the President is losing power over his own party.

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