Belying the expectations of some Democrats, Senate Majority Leader Harry Reid (D-Nev.) has indicated that the Senate will not punt on the issue of the
“„Bayh has called on Congress to extend all of the Bush-era tax cuts, including those benefiting the wealthiest, while the economy continues to recover.
“„“To just go out and raise taxes with no spending restraint, particularly during a recession — [it’s] just not the right time to do that,” he said during a Wednesday appearance on MSNBC.
“„Bayh argued that people who fall into the highest-income tax brackets “continue to spend at a higher rate, propping up consumer demand.”
“„Families that earn $210,000 or more make up the top 5 percent of income earners and account for nearly 30 percent of consumer spending.
“„Conrad said he would support a short-term extension of the Bush tax cuts for the highest income earners.
“„“My reaction would be don’t cut spending, don’t raise taxes, and that would mean on anyone,” he told reporters last month, noting that experts predict continued economic weakness over the next two years.