“Senior Democrats are now openly acknowledging their plan to hold the economy hostage to massive, job-killing tax hikes, and espousing the fiscally irresponsible view that says the country should be driven off the fiscal cliff rather than Congress working toward bipartisan solutions to reform and strengthen entitlements without killing jobs.”
“Speaker [John BoehnerJohn BoehnerIn House GOP, Ryan endorsement of Trump seen as inevitable House GOP faces dilemma on spending bills Overnight Finance: Puerto Rico bill clears panel | IRS chief vows to finish term | Bill would require nominees to release tax returns MORE (R-Ohio)] and I have called for extending all the income tax rates for a year, ensuring that no one sees an income tax hike in January and preventing the economic harm and massive job loss that will come if Sen. Schumer and Washington Democrats follow through on their threats to drive us off the fiscal cliff,” McConnell said. “This uncertainty needs to be dealt with sooner rather than later. We need to find a way to deal with the sequester not by cutting a penny less, but by intelligently making the decisions that are necessary to keep our promise to reduce the debt by $2.1 trillion and to get our economy back on track.”
Currently, a group of eight senators — the so-called “Gang of Eight” — are working toward a bipartisan solution. Schumer said they shouldn’t bother proposing a plan in which the Bush-era tax rates are extended for people making more than $250,000 a year.