Republican Issa would reject 2-yr tax-cut compromise

WASHINGTON Nov 8 (Reuters) - Republican Congressman Darrell Issa said on Monday that he cannot accept a potential compromise that would extend tax cuts for the wealthy for 2 years while making them permanent for everyone else.

"No I can't," Issa said on ABC's "Good Morning America" program when asked if he could accept that proposal. "Tax certainty is important and it's important for the investing class probably more than anybody else."

He said small businesses that would be affected by the two-year extension needed to make longer-term decisions than just two years to create jobs.

"So if anything, this is wrong-minded," Issa said. "In some ways you should say, look if you invest today we'll let you get a better deal three, four, five years from now because that's how you create jobs. Hopefully we'll come to a compromise that does allow people to make decisions beyond just this tax year."

President Barack Obama told CBS's "60 Minutes" program on Sunday that the tax-cut extension proposal was a "basis for conversation" and that he sees a potential for compromise heading into negotiations.

The battle over tax cuts is the first major legislative challenge facing Obama and Congress since last week's elections put Republicans in control of the House of Representatives starting next year.

(Reporting by Tabassum Zakaria; Editing by Philip Barbara)