President Barack Obama is open to considering the extension of all Bush-era tax cuts for a year or two, the White House confirmed Thursday, putting to a likely end any debate over whether to extend the breaks for high-income families.
Instead, Congress is poised to grapple with a different set of questions when it returns this month for a final session of the current term: How and for how long should lawmakers grant an extension?
Until now, Mr. Obama and Democratic congressional leaders have said they wanted to extend Bush-era breaks for the middle class only, defined as families making below $250,000 a year. Republicans and a growing number of Democrats favor extending the cuts for all income levels, including the highest, for some period of time. The cuts will expire Dec. 31 unless Congress extends them.
Full Story: Boost for Keeping All Bush Tax Cuts – WSJ.com