[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|
Status: Not Logged In; Sign In
United States News Title: House Democrats Vote To Reject Obama-GOP Tax Compromise Plan In Current Form WASHINGTON (AP) - The House Democratic Caucus has voted to reject President Barack Obama's tax deal with Republicans in its current form. By voice vote, the rank and file Democrats passed a resolution Thursday that said the tax package should not come to the floor of the House for consideration. Rep. Peter DeFazio, D-Ore., introduced the resolution. Said Rep. Lloyd Doggett, D-Texas: "If it's take it or leave it, we'll leave it." THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. WASHINGTON (AP) — House Majority Leader Steny Hoyer said Thursday congressional Democrats have no choice but to accept the tax package negotiated by President Barack Obama and GOP lawmakers, even as some fellow Democrats continue to resist. "We're going to have an increase in taxes on working Americans ... if we continue to have gridlock," said Hoyer, a Maryland Democrat. He said that continuing to fight the deal because it includes cuts for the wealthy would put tax cuts for middle- and lower-income people at risk, and jeopardize unemployed workers who badly need jobless benefits. Speaking Thursday at a White House promoting American exports, Obama said the vote will determine whether the economy "moves forward or backward." The president again pressed Congress to pass the agreement, saying it has the potential to create millions of jobs. He said if it fails, Americans would see smaller paychecks and fewer jobs. But Rep. Chris Van Hollen, D-Md., said "the jury is still out" on the measure's enactment because many Democrats are furious over an estate tax provision. Obama agreed to exempt the first $5 million of a deceased person's estate, and to tax the rest at 35 percent. Congressional Democrats had expected a 45 percent tax rate on anything above $3.5 million. Without congressional action, the estate tax will revert to an even higher rate: 55 percent on estates valued above $1 million. That should have strengthened Obama's hand when negotiating with Republicans, Van Hollen said. Still, many congressional Democrats were grudgingly edging closer to embracing Obama's tax cut compromises, which would let rich and poor Americans keep Bush-era tax cuts that were scheduled to expire this month. Even so, 54 House Democrats wrote a letter to House Speaker Nancy Pelosi saying they're opposing the deal.
Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 1.
#1. To: Brian S (#0)
Enjoying the hell out of this.
There are no replies to Comment # 1. End Trace Mode for Comment # 1.
Top • Page Up • Full Thread • Page Down • Bottom/Latest |
|
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|