Republicans say no to bill that would hold rates steady for anyone making less than $1 million. President now wants bill to hold rates steady for those making $250,000 or less.
President Obama has asked Congress to pass a bare-bones bill that would stop tax rates from rising on income of $250,000 or less while also extending unemployment insurance and laying the groundwork for deficit reduction discussions in 2013.
A day after House Speaker Rep. John Boehner (R-OH) was not able to get his own party’s support for a bill that would hold tax rates steady for anyone making less than $1 million, President Obama said there was still enough time to spare the middle class from a tax hike.
President Obama said he spoke with Rep. Boehner on Friday, Dec. 21st and met with Senate Majority Leader Harry Reid (D-NV).
The president asked lawmakers headed home for a short holiday break to think about what could be accomplished in the 10 days left before $500 billion in spending cuts and tax hikes – known as the fiscal cliff -- takes effect.
“Governing is a shared responsibility,” he said. “Nobody gets 100 percent of what they want.”