By Vicki Needham - 10/31/10 05:37 PM EDT
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."