From Reuters.com:
Democrats cannot decide whether to hold a vote on extending tax cuts, as some lawmakers fear the issue could hurt their re-election chances in November.
Senator Max Baucus, the Senate Finance Committee chairman drafting a bill to extend tax cuts for all but the wealthiest taxpayers, told reporters he would like a vote before the elections but there was no agreement in the party to do so.
President Barack Obama and most of his fellow Democrats want tax cuts enacted under former President George W. Bush to be extended only for the first $200,000 of a person's income, saying the country cannot afford the cuts for higher earners.
Republicans want the lower rates renewed for all Americans, regardless of income, and say that losing the cuts would hurt small businesses and job creation just as the economy is recovering from its worst recession since the 1930s.