The Senate extended the Bush-era tax cuts for the first $250,000 of income. 51 Democrats voted for the bill, but Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) joined all of the 47 Republican voted against it.
Earlier today, the GOP plan was defeated on a 45-54 vote. Senator Mark Pryor (D-AR) voted with the Republicans while Senators Scott Brown (R-MA) and Susan Collins (R-ME) voted with the Democrats. The Republican plan would included even income beyond $250,000 in the extension of the tax cut.
Statement by President Obama follows the jump.
Statement by President Obama on the Passage of the Middle Class Tax Cut Extension:
With the Senate’s vote, the House Republicans are now the only people left in Washington holding hostage the middle-class tax cuts for 98% of Americans and nearly every small business owner. The last thing a typical middle class family can afford is a $2,200 tax hike at the beginning of next year. It’s time for House Republicans to drop their demand for another $1 trillion giveaway to the wealthiest Americans and give our families and small businesses the financial security and certainty that they need. Our economy isn’t built from the top-down, it’s built from a strong and growing middle class, and that’s who we should be fighting for.