–Senate Majority Leader: ‘This Is Only A Framework’
–Senate Minority Leader McConnell: Tax Deal Is ‘Essentially Final’
By John Shaw
WASHINGTON (MNI) – Senate Majority Leader Harry Reid acknowledged
Tuesday that a number of his Democratic colleagues have “concerns” about
the tax agreement between President Obama and Senate Republicans, adding
that he believes adjustments will be made to the plan.
“This is only a framework,” Reid said, adding that “we’re working
through the issues people (senators) have.”
Reid spoke after a meeting between Vice President Biden and Senate
Democrats.
“The concerns are wide-ranging,” Reid said, adding that the
agreement that was announced Monday is “something that’s not done yet.”
Reid said the cost of the tax package plan has not yet been
calculated. “We didn’t define a number,” he said.
Obama announced Monday evening the “framework of a bipartisan
agreement” with congressional leaders which would extend all of the Bush
era tax cuts for two years and extend unemployment insurance benefits
for 13 months.
The agreement includes a two percentage point reduction in the
employee share of payroll taxes in 2011. It also includes a host of
other tax provisions, including extending the expired estate tax at a
rate of 35% with an exemption level of $5 million.
Senate Minority Leader Mitch McConnell had a very different
assessment of the status of the tax package. “The agreement is
essentially final,” he said, hinting that only very minor adjustments
are possible.
McConnell said he is “pleased” with the tax agreement, adding that
he is “very hopeful and optimistic” Senate Republicans will support the
package when it comes to a vote.
He said he is not sure when the package might go before the Senate
or what the process for considering the agreement will be. McConnell
spoke after a luncheon with Senate Republicans.
** Market News International Washington Bureau: (202) 371-2121 **
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