The Democrat-controlled Senate narrowly approved a tax bill to extend the Bush-era rates for those households making less than $250,000 a year while letting cuts for higher earners expire. The entire Democratic caucus supported the bill with the exception of Virginia Democrat Sen. Jim Webb and Connecticut Independent Joseph Lieberman. The vote is symbolic and dead-on-arrival in a Republican House, designed as one report put it to provide “talking points” to each side as we head into the heart of the campaign. Democrats have been fairly successful at painting the congressional GOP as holding the economy hostage with their need to maintain low taxes for the richest of the rich. But is that true?
Republican Pennsylvania Sen. Pat Toomey revealed in a speech at the Brookings Institute last night that, in fact, he’s proposed increased tax revenues and that it was actually the Democrats who were inflexible.
Joined by Gordon Chang, the opening discussion on 'Real News' Wednesday focused on the Bush tax cuts vote and the politics that appear to be in play as Congress holds the economy chicken. Has either side been willing to compromise at any point? See the clip below: