Thursday, November 29 2012, 03:25 PM MST
Harry Reid Urgers Extension of Middle Class Tax Cuts
(KUTV) Senate Majority Leader Harry Reid is urging the Speaker of the House to extend Middle Class tax cuts – and to save the debate over whether to raise taxes on the wealthy for a future date.
“Unfortunately, resolving this standoff won’t eliminate every conflict over our fiscal future,” said Reid.
Both Democrats and Republicans are trying to compromise over the ‘Fiscal Cliff’. They have until January 1st to figure out a plan. That’s when the Bush tax cuts and mandatory spending cuts are scheduled to kick in.
The Obama Administration would like to see the tax cuts for the wealthy expire, while House Republicans want current rates extended for all.
(Copyright 2012 Sinclair Broadcasting Group.)