Senate's Reid prepares bill with $250,000 tax-hike threshold

WASHINGTON Fri Dec 28, 2012 6:59pm EST

WASHINGTON (Reuters) - Senate Majority Leader Harry Reid said on Friday he was preparing legislation to prevent middle-class tax hikes for a possible vote by Monday even as he negotiates with top Senate Republican Mitch McConnell for a larger deal to avert the looming "fiscal cliff."

"At President Obama's request, I am readying a bill for a vote by Monday that will prevent a tax hike on middle-class families making up to $250,000, and that will include the additional, critical provisions outlined by President Obama," Reid said in a statement. "In the next 24 hours, I look forward to hearing any good-faith proposals Senator McConnell has for altering this bill."

(Editing by Peter Cooney)