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White House says still work ahead on tax-cut compromise
The White House responded Thursday to rumors circulating that there's a possible deal in the works on tax cuts -- that in exchange for extending all tax cuts, the Obama administration wants to extend tax cuts from the 2009 economic stimulus, such as Making Work Pay, and pass a long-term unemployment benefits extension.
The White House said discussions over extending the Bush-era tax cuts continues following House passage of a tax bill that permanently extends the breaks for the middle class.
"Those discussions started just yesterday and are continuing this afternoon," the statement said. "The talks are ongoing and productive, but any reports that we are near a deal in the tax cuts negotiations are inaccurate and premature."
That would be the most recent mention of the Making Work Pay credit that boosted paychecks by about $400 a year for single filers and up to $800 for households is slated to expire at the end of the year and, so far, Congressional leaders haven't indicated that they will extend it.Lawmakers have focused almost solely on the Bush-era tax cuts from 2001 and 2003.
Treasury Secretary Timothy Geithner and White House budget director Jacob Lew are meeting with Senate and House Republicans and Democrats in an effort to reach an agreement that can pass Congress and be signed by President Obama before the tax cuts expire Dec. 31.
"The president continues to believe that extending middle-class tax cuts is the most important thing we can do for our economy right now and he applauds the House for passing a permanent extension," the White House said in a statement. "But, because Republicans have made it clear that they won’t pass a middle-class extension without also extending tax cuts for the wealthy, the president has asked Director Lew and Secretary Geithner to work with Congress to find a way forward."
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