US Senate Passes Bush Taxcut Extensions 85-13
The US Senate overwhelmingly passed their bill that will extend of the Bush tax cuts this afternoon with an 85-13 vote.
President Obama said extending the current tax rates will create jobs.
The AP reported:
Far-reaching legislation to avert a Jan. 1 income-tax increase for millions won overwhelming support in a Senate test vote on Monday, propelled by an uneasy and unusual alliance between the White House and lawmakers in both parties.
Eager to trumpet the 85-13 vote, President Barack Obama said even before it was announced it proved “that both parties can in fact work together to grow our economy and look out for the American people.”
Senate passage of the bill is expected as early as Tuesday, and in a brief appearance at the White House, Obama called on the House to follow suit quickly. He spoke amid indications that a revolt among House Democratic liberals was ebbing, further improving prospects for quick enactment.
The legislation would provide a two-year reprieve in the tax increases scheduled to take effect on Jan. 1 at all income levels, reduce Social Security taxes for every wage earner in 2011 and extend an expiring program of jobless benefits for the long-term unemployed.