–House Majority Leader Cantor: Obama Has ‘Doubled Down’ on Failed Plan
–Rep. Cantor: House Will Vote In Final Week of July On 1YR Extension
–House Tax Panel Chief Says Obama Plan Would Hike Taxes on Job Creators
–Sen. Hatch: Obama is Provoking A ‘Needless Fight’

By John Shaw

WASHINGTON (MNI) – Congressional Republican leaders blasted
President Obama Monday for proposing to extend Bush era tax cuts for a
year for those making $250,000 or less, charging that the president’s
policy would increase taxes on small businesses and hamper job growth.

In a statement, House Majority Leader Eric Cantor scorched Obama’s
tax plan and said the House will vote during the last week of July on a
one year extension of all Bush era tax cuts.

“On the heels of another devastating jobs report, President Obama
has doubled down on bad policy by calling for tax hikes on working
families and small businesses,” Cantor said.

House Ways and Means Committee Chairman Dave Camp said Obama’s plan
would increase taxes on small businesses and other job creators and
would “further weaken an already fragile economy.”

Camp and Cantor called for a one year extension of all Bush era tax
cuts.

Camp said this one year extension would “create a path for tax
reform” next year.

Sen Orrin Hatch, the ranking Republican on the Senate Finance
Committee, said the president was provoking a “needless fight” with
Congress with his tax plan.

Hatch said there is a “growing bipartisan consensus” on Capitol
Hill that the Bush era tax cuts should be extended for a year.
Increasing taxes on the wealthy could lead to a “full blown recession”
Hatch said.

The fate of the Bush era tax cuts is one of the key elements
related to the so-called fiscal cliff.

The fiscal cliff refers to the convergence of three coming fiscal
events: across-the-board spending cuts that are scheduled to begin in
January, the expiration of Bush era tax cuts at the end of the year,
and the need to increase the statutory debt ceiling at the end of this
year or early next year.

Most congressional Democrats support Obama’s tax plan, but some
have said that the threshold for extending tax cuts should be $1 million
rather than $250,000.

** MNI Washington Bureau: (202) 371-2121 **

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