Biden Tries to Sell Deal to Democrats

Monday, 31 Dec 2012 08:26 PM


  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
Vice President Joe Biden will come to the Capitol to present a bipartisan budget deal to wavering Democrats, in advance of a possible vote tonight, with tax increases for almost every U.S. worker set to start tomorrow.

Senate Republicans told reporters after a private meeting late today that many would support a deal to increase taxes on top earners, extend expanded unemployment benefits and prevent automatic spending cuts from taking effect for two months.

The timing of the votes and a likely lack of action by the House of Representatives means that tax cuts first enacted in 2001 will expire at midnight.

Taxpayers and investors won’t see immediate effects of the changes, which would accumulate over a matter of months. By acting early in 2013, Congress could reverse the $600 billion in tax and spending changes known as the fiscal cliff.

Sens. John McCain and Jon Kyl, both Arizona Republicans, said that a deal to avoid the automatic fiscal changes was in the final stages. Illinois Sen. Dick Durbin, the chamber’s second-ranking Democrat, said Biden would brief fellow party members “when we get an agreement.”

The House concluded business until noon tomorrow without taking action on the budget. Republicans left open the option to return if needed.

© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Report: Emails Show Justice Dept. Involved in IRS Tea Party Probe

Wednesday, 16 Apr 2014 19:01 PM

Embattled former IRS official Lois Lerner last year discussed working with the Justice Department to prosecute nonprofit . . .

White House Census Changes Mask Obamacare Impact

Tuesday, 15 Apr 2014 13:55 PM

The Census Bureau, the authoritative source of health insurance data for more than 30 years, is revising its annual surv . . .

Tributes Planned to Mark Boston Marathon Bombing

Tuesday, 15 Apr 2014 06:17 AM

The anniversary of the Boston Marathon bombings promises to be a day of tributes to the three people who died, the more  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved