Vice President Joe Biden says Republican assertions that small businesses would suffer if all of the expiring Bush tax cuts aren't extended are a "bunch of malarkey."
A series of sweeping tax cuts enacted under President George W. Bush are set to expire in January.
The Obama administration wants to renew only those tax breaks that affect middle-class and lower income taxpayers, those with incomes under $250,000. Republicans want the tax cuts extended for all wage-earners.
Biden said Wednesday that few small businesses would benefit if the tax cuts are extended for everyone. Doing so, he said, would cost $700 billion, worsen the nation's already dire financial situation and, in his words, is "just bad economic policy."
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