The Associated Press is reporting that an outline of a bipartisan economic package is emerging that would temporarily extend the Bush-era tax rates for all taxpayers while extending jobless benefits for millions of Americans. Differences remained over details, including White House demands for middle- and low-income tax credits. But Republicans and Democrats appeared to come together Sunday, raising the possibility of a deal in Congress by the end of the week. Some Democrats continued to object to extending current tax cuts for wealthy earners. The recent jump in the unemployment rate has pressured the GOP into agreeing to extend jobless benefits. AP reports "I think most folks believe the recipe would include at least an extension of unemployment benefits for those who are unemployed and an extension of all of the tax rates for all Americans for some period of time," said Sen. Jon Kyl of Arizona, the Senate's Republican negotiator in the talks. "Without unemployment benefits being extended, personally, this is a nonstarter," said Sen. Dick Durbin of Illinois, the second-ranking member of the Senate Democratic leadership. President Obama wants unemployment insurance extended for one year. The GOP still insists that extending jobless benefits will add $60 billion to the deficit, while ignoring the $700 billion that tax cuts for the wealthy will add. Something has to be done -- concessions and budget cuts need to be made. We think that helping the unemployed should be the priority, not helping wealthy folks save money by extending Bush-era tax cuts that they've had for almost a decade. We're just saying.
Read more at Yahoo News [5].
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