House Budget Committee Chairman Rep. Paul Ryan said his chamber will vote next week to pass a full extension of the George W. Bush tax cuts, and called on the Democratic-controlled Senate to follow its lead.
Appearing Friday on “CBS This Morning,” the Wisconsin Republican said the GOP-controlled House will move quickly to extend the cuts despite calls from Democrats to extend them only for households making less than $250,000 a year.
“We’re just talking about keeping taxes where they are,” Mr. Ryan said of the GOP plan. “Preventing a tax increase is not actually cutting taxes, so we’re just saying don’t raise taxes in this climate.”
The House proposal will likely die in the Senate, where Democrats have called for negotiation between the parties and warned that they are willing to let the cuts expire on Jan. 1 if Republicans do not allow the tax breaks for the wealthiest filers to lapse.