Rep. Levin counters claim by Sessions

House Ways and Means Chairman Sandy Levin (D-Mich.) on Friday responded to a criticism by Rep. Pete Sessions (R-Texas), who said lawmakers have not had time to examine the provisions in the so-called tax extenders bill, which is scheduled for a vote on Friday. 

Levin said provisions in the bill have been publicly available for weeks. 

"Anyone who says they don't know what's in it has failed to read it," Levin said, adding that the legislation would help create jobs. 

In kicking off the debate on the rule for the extenders package, Sessions said he doubted that any lawmaker knew the legislation's contents. He claimed Republicans received the bill less than an hour before debate on the measure began, which was at approximately 9:30 a.m.  

"We were provided with a copy of this bill at 9:06," he said, adding, "To date, this Congress and I believe the last one, has seen more back room deals, arm-twisting and more partisan negotiations than ever before."

Sessions also countered Levin's claim about the bill being a job creator, saying it would "kill the goose that lays the golden egg" by increasing taxes on companies. 

The jobs package includes a change in the way that "carried interest," a common payment for hedge fund managers, is taxed. The bill also limits the use of foreign tax credits and requires principals in S corporations to pay employment tax on profits from the company.