WASHINGTON-House Senate on Tuesday rejected a plan that would have extended tax cuts payroll and unemployment benefits for two months.
The move raises stakes in Showdown of the holiday season seems to be to raise taxes to 160 million workers. The House effectively suspended for a year following the vote, and by the Senate of the city for the holidays, there’s no resolution in sight.
President Barack Obama said after the election of the House that the Senate’s bipartisan compromise “way is only feasible” to prevent an increase in taxes to kick in the 1 January.
“The clock is ticking. Running out of time, “Obama said. He blamed the “faction” of the Republic at home to hold payroll tax cut extensions.
House Republicans want negotiations with the Senate on the plan a full year, but Senate majority leader Harry Reid, D-Nev., said he would not let the bargain until House OKs Senate measure short term.