Senator Reid rejects Boehner "fiscal cliff" backup plan
WASHINGTON (Reuters) - House Speaker John Boehner's backup plan that would simply extend low income tax rates for households with incomes below $1 million a year "cannot pass both houses of Congress," Senate Majority Leader Harry Reid said on Tuesday.
Reid, a Democrat, said Boehner instead should focus on reaching a broad deficit-reduction deal with President Barack Obama. "Now is the time to show leadership, not kick the can down the road," Reid said.
Last July, Reid's Democrats passed a bill in the Senate that would have continued low tax rates, which are set to expire on December 31, for families with net incomes below $250,000.
(Reporting by Richard Cowan)
- Islamic State executes soldiers, takes hostages at Syria base: social media
- WHO shuts Sierra Leone lab after worker infected with Ebola
- Talks optimism fades as Ukraine says Russia makes new incursion |
- Gaza truce holding but Israel's Netanyahu under fire at home |
- 'Men in green' raise suspicions of east Ukrainian villagers