President Obama’s administration officials as well as Republican congressmen have just announced their steady advance towards clinching an agreement to continue, albeit temporarily, tax cuts at all income levels dating back to the Bush administration. Meanwhile, Democrats are scrambling for votes to approve Obama’s preferred tax plan which the Senate rejected just a day before this announcement. Right now, cabinet members and legislators are working towards a compromise wherein instead of applying Democrat plans to extend tax cuts only for the middle class, rates would be maintained for high income earners for the next two years.
To return the favor, Republicans would agree to provide aid for jobless people, especially for individuals who have been unemployed for quite a long time. Democrat leaders accepted their defeat on Sunday during deliberations on tax cuts and clearly voiced their frustration through their arguments and speeches. Illinois Senator Richard Durbin, who is the second top Democrat in Congress, says in a live television interview by CBS when asked by host Bob Schieffer on extending tax cuts to even rich people that the Senate is only moving towards that direction against his judgment.
Meanwhile, in meetings with cabinet officials after voting by the Senate, House Speaker Nancy Pelosi along with Democrats from both Congress and Senate expressed their intense frustration of extending every tax cut to all income levels. They also stressed that the executive branch of government will not be getting adequate favors in exchange for the implementation of the said tax cuts.