Vice President Biden's position on the expiring Bush tax cuts will stunt job growth and make it harder to balance the budget, House GOP Leader John BoehnerJohn BoehnerGOP rushes to vote without knowing full impact of healthcare plan Dem senator to reintroduce ‘buy American’ legislation GOP senators offer bill to require spending cuts with debt-limit hikes MORE (Ohio) said Thursday.
BoehnerJohn BoehnerGOP rushes to vote without knowing full impact of healthcare plan Dem senator to reintroduce ‘buy American’ legislation GOP senators offer bill to require spending cuts with debt-limit hikes MORE, who has openly sparred with the White House over the economy for weeks, responded to Biden's comments that Republican arguments for extending all the Bush tax cuts are "a bunch of malarkey."
The tax cuts expire at the end of the year, and Republican and Democratic leaders are arguing over whether to extend them.
The issue has fueled debate over August recess, with unemployment lingering at 9.5 percent and members talking to constituents in their districts who are unsatisfied with state of the economy.
This week, the White House and Democrats clashed with Boehner over a speech he gave laying out the GOP economic platform, in which he also called for the firing of top Obama administration economic officials.
The White House prefers that the cuts be extended for those not in the top income brackets, families making less than $250,000 per year and individuals making less than $200,000 per year.
GOP lawmakers want all the cuts extended, arguing that eliminating tax breaks in the midst of a struggling economic recovery would stunt job growth. Some centrist Democrats, especially those facing tough midterm contests, have supported that position.
Biden, at an economic forum on Thursday threw cold water on that argument, saying that continuing all the tax breaks would be fiscally reckless. He also said the "super rich" don't need the cut.
“They've already got disposable income,” Biden said of the “super rich."
“They're spending all they're going to spend anyway."
Article was originally posted on Blog Briefing Room.