Tuesday, November 16, 2010

Is Democratic Intransigence About To Raise Taxes on Everyone?

Potentially horrible news for the economy. Get ready for the double dip if they don't clear this thing up:

Dick Durbin of Illinois, the Senate’s No. 2 Democrat, said he is “not very” optimistic that the Bush-era tax cuts will be extended at this point.

Durbin said a preliminary discussion yesterday between Senate Majority Leader Harry Reid, and Mitch McConnell, the chamber’s top Republican, “did not go well.”

Durbin and other Senate Democrats today said the caucus hasn’t discussed how to proceed with legislation to prevent lower tax rates on income, capital gains, and dividends from expiring as scheduled on Dec. 31.

“I don’t even know what the options are at this moment,” said Washington Senator Maria Cantwell, a Democrat who serves on the tax-writing Finance Committee.

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