Tax and Appropriations
From the Democratic Whip Press Shop:
“CBO’s update of its Budget and Economic Outlook released this morning couldn’t paint a clearer picture of our fiscal challenges. If Congress fails to resolve the so-called ‘fiscal cliff’ by the end of this year, according to the CBO’s projections, the first half of 2013 will plunge us back into recession and sharply increase unemployment.
After skipping town for the summer with a long list of unfinished business, Republicans are back home in their districts, scrambling to find an argument to explain why they blocked middle class tax relief for American families, after the Senate passed a bill and the President indicated he would sign it.
MESSAGE FROM THE DEMOCRATIC WHIP
Yesterday, Republicans left town without completing work on a number of critical items, including giving certainty to American families that they will not see their taxes increase in January. Republicans chose confrontation over compromise by rejecting a bill already passed by the Senate that provides all Americans with a tax cut for income up to $200,000 for an individual and $250,000 for a couple.
“Mr. Speaker, we are now at some point and time going to conclude four weeks in session with little to show for it. Over the past month, the Republican Do-Nothing Congress has continued its relentless pursuit of message over substance.
"What Leader Cantor has done and what the Republican party in the House of Representatives have done is once more snatched delay and defeat from the jaws of victory. The Senate passed a bill which would give 98% of Americans assurance that they would have no tax increase January 1. The Republicans have now deep-sixed that, unfortunately. They know full well that the bill they passed yesterday will not pass the Senate."
“Once again, Republicans have pursued confrontation over compromise. By rejecting a bill on which there was clear agreement that extended middle class tax cuts, Republicans snatched delay from the jaws of victory. The President supports extending middle class tax cuts, and the Senate has passed it. We all agree that we want to make sure middle class families do not see a tax increase next year. But Republicans want to hold the middle class tax cuts hostage to additional tax cuts for the wealthy.
“Designed to fail, that's what this bill is – designed to fail. And, very frankly, you made sure that it was going to fail when you passed the amendment that added the reform bill and this bill together. Designed to fail – how sad.
Middle class families are facing an increase in their taxes in January, and House Republicans are the only ones standing in the way of preventing that from happening. Last week, the Senate passed a bill stopping the tax hike on middle class families and businesses, which Democrats introduced in the House today. While Republicans are playing political games that put middle class Americans at risk, the House could take action immediately to extend rates on income up to $250,000 while asking our nation’s wealthiest to pay a fair share towards our fiscal challenges by passing the Senate bill. It is time for Republicans to stop holding 98% of Americans hostage to providing tax breaks to the top 2% in our country.