Top Republican says no deal on tax cuts
House Minority Leader John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) talk to reporters outside of the West Wing at the White House in Washington, D.C.
TEXT OF STORY
BILL RADKE: Democrats and Republicans are continuing to spar over whether to extend the Bush tax cuts. President Obama wants to let the cuts expire for families making more than $250,000 a year. Over the weekend, House Republican Leader John Boehner said he would go for that, if he had no other choice. But now, Boehner's counterpart in the Senate says -- no way. Marketplace's Nancy Marshall Genzer joins us now live from Washington. Good morning, Nancy.
NANCY MARSHALL GENZER: Good morning.
RADKE: What happened to the Boehner compromise?
MARSHALL GENZER: Well, Senate Republican Leader Mitch McConnell is singing a very different tune. He's introduced legislation that leaves no room for compromise. It would keep the tax cuts in place for everyone indefinitely, including the richest Americans. McConnell says no one should get a tax hike in these tough economic times, and he says some Democrats agree with him.
MITCH MCCONNELL: There's a growing chorus of Democrats, including at least five right here in the Senate, who are coming around on this issue.
RADKE: So where does this leave us then, Nancy?
MARSHALL GENZER: Well there are 41 Republicans in the Senate. They could block any bill on lifting the tax cuts with a filibuster, but it's not clear that all 41 would support that. Now if Congress does nothing, Bill, the tax cuts will expire automatically at the end of this year. And President Obama is continuing to try and rally support for his point of view, which is that the tax cuts would only expire for about 3 percent of the population and that would save the federal government about $700 billion.
RADKE: Interesting. Marketplace's Nancy Marshall Genzer in Washington, D.C., thank you.
MARSHALL GENZER: You're welcome.