House liberals are urging Democratic leaders to let the George W. Bush-era tax cuts on the country’s highest earners expire.
Reps. Raul Grijalva (Ariz.) and Lynn Woolsey (Calif.), co-chairs of the Congressional Progressive Caucus, said extending the tax breaks for those earning more than $250,000 represents “a giveaway” to wealthy Americans that would saddle the country in unnecessary debt.
“This debt, in turn, will be paid by the lower and middle classes through increased interest payments and decreased social services for generations to come,” the lawmakers warned in a Monday letter to Speaker Nancy Pelosi (D-Calif.).
“This astronomical sum could instead be used to close our budget deficit. It is critical that we pass President Obama’ s middle-class tax proposal without providing an even greater lift for the wealthiest Americans who don’t need it.”
With the start of the lame-duck session, Democrats find themselves at a crossroads. Though the party was trounced in midterm elections that delivered the House majority back to the GOP, its leadership team is poised to remain unchanged — a signal that Democrats intend to defend their legislative agenda rather than conceding ground to more conservative members.
Full story: Liberal Democrats urge Pelosi to stand firm in debate over tax cuts – The Hill’s Blog Briefing Room