Obama To Extend Bush’s Tax Cuts, Except…

Added by on September 13, 2010

The White House is expecting a bill that contains the extension of former president Bush’s tax cuts will be passed. Furthermore, they are expecting that the bill will not include an extension of these tax cuts for the wealthiest Americans.

This last statement however is what the Republicans might do. But all things aside, the White House Press secretary Robert Gibbs said that the President has no need of vetoing any bill that follows with the preference of the Republicans.

The president urges the Congress to pass bill, as Bush’s tax cut will expire at the end of the year. All should be extended, except wealthy Americans who are earning $200,000 or more, and those households that are making  $250,000 plus.

Allowing these to expire can save America $700 billion according to the President. Meanwhile the Republicans are calling for a temporary expansion of the tax cuts, something that Obama just ignored.

In an interview He (Obama) said, “You can’t have Republicans running on fiscal discipline that we’re gonna reduce our deficit, that the debt’s out of control, and then borrow tens, hundreds of billions of dollars to give tax cuts to people who don’t need them.”