Senate leaders said this week that debate would most likely begin in September over whether to let the Bush income tax cuts for the rich expire at the end of this year, according to the New York Times.
Treasury Secretary Timothy F. Geithner has been touting President Barack Obama's position -- to let the high-end tax cuts expire and extend those for the middle class.
“Permanently extending the tax cuts for the top 2 percent would require us to borrow $700 billion more in the next decade, adding significantly to an already unsustainable level of debt,” Geithner argued recently.
Meanwhile, Republicans charge that Democrats are advocating a big tax increase -- with Democrats countering that Republicans are catering to the wealthy at the expense of inflating the national debt.
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