- Associated Press - Wednesday, August 25, 2010

WASHINGTON (AP) — Vice President Joseph R. Biden Jr. on Wednesday said Republican assertions that small businesses would suffer if all of the expiring Bush tax cuts aren’t extended are a “bunch of malarkey.”

A series of sweeping tax cuts enacted under President George W. Bush are set to expire in January.

The Obama administration wants to renew only those tax breaks that affect middle-class and lower-income taxpayers, those with incomes under $250,000. Republicans want the tax cuts extended for all wage earners.

Mr. Biden said Wednesday that few small businesses would benefit if the tax cuts are extended for everyone. Doing so, he said, would cost $700 billion, worsen the nation’s already dire financial situation and, in his words, is “just bad economic policy.”