Menendez suggests possible extension of all tax cuts

Sen. Robert Menendez (N.J.) suggested Sunday that he may be willing to support an extension of all Bush-era tax cuts but ruled out the idea of making them permanent for those in higher tax brackets. 

"I certainly believe that there may be some opportunity for a temporary approval of some of these cuts," Menendez said today on on ABC's "This Week." 

"We'll have to see what can be worked out. But we will not support -- certainly what I will not support is a permanent extension, $4 trillion," he said.

"You can't talk about spending and being responsible on spending and then spend $4 trillion that you don't have of our collective wealth to the individuals who have the greatest wealth in the country."

Congress could act on extending all or a part of the Bush-era tax cuts during the upcoming lame-duck session. Another possibility is that the debate could shift to January, meaning all the tax cuts would lapse, at least temporarily, until when and if an agreement is reached on how to move forward.

Republicans and some Democrats have called for an extension of all the 2001 and 2003 tax cuts while the economy continues to recover. 

"I don't believe we ought to raise taxes on anyone during a fragile economic recovery, and I think there is an increasing bipartisan support for that position," said Sen. John Cornyn (R-Texas). "So I hope we'll continue the current tax policy for the near term, perhaps the next couple of years. Perhaps there's a bipartisan solution there."