WASHINGTON (AP) — Senate leaders moved toward a showdown Wednesday with votes on rival Democratic and Republican plans for extending broad tax cuts that will otherwise expire in January.
In an announcement that seemed to surprise Democrats, Senate Minority Leader Mitch McConnell, R-Ky., said on the Senate floor that he was accepting a Democratic offer to hold back-to-back roll calls on both parties' bills, with each measure requiring just a simple majority for passage.
The new plan puts pressure on Democrats to avoid an embarrassing defeat of their own tax cut plan, which closely resembles proposals by President Barack Obama to extend tax cuts for all but the nation's highest earners. Republicans want the high earners to keep their tax cuts, too.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
