Both Parties' Tax Bills Fail in the Senate

Ad Feedback

The Senate rejected both the Democratic and Republican business tax cut plans Friday.

Both parties refused to give ground, saying the other's bill wouldn't do enough to help struggling families, businesses, or the economy.

"We're in the midst of another Senate floor show, pursuing legislation that will get the president and his allies campaign talking points but will do absolutely nothing to spur economic growth and job creation," Sen. Orrin Hatch, R-Utah, said.

"There's no reason for them to oppose this bill, other than they're trying to hurt President Obama, small businesses, and the middle class," Senate Majority Leader Harry Reid, D-Nev., said.

Business tax cuts are only part of a much bigger battle.

President Obama and Democratic leaders want to raise tax rates for the rich, which is any household earning more than $250,000.

Republicans want everyone included in a tax cut extension.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.