U.S. House members are debating President Obama's tax cut compromise. A vote is expected later Thursday night.
Lawmakers must send a bill to the president by the end of the year. Otherwise, taxes will go up.
The compromise would extend the Bush-era tax cuts for two years and extend unemployment benefits for 13 months.
“It's not a perfect bill, it’s not what I would like to see,” said Rep. Marlin Stutzman (R-IN). “I'd like to see a permanent solution.”
But even so, Stutzman says he'll support the bill as long as Democrats don't make any changes to it.
“Any changes to this bill that will increase taxes on Americans, I will oppose it,” said Stutzman.
But his fellow Republican, Rep. Mike Pence (R-IN), says he's against the compromise.
“A two-year extension of tax rates is simply not gonna encourage the kind of investment and capital formation that's gonna create jobs,” said Pence.
Many Democrats are also unhappy, largely because the compromise would lower the estate tax rates and allow the first $10 million of a couple's estate to go untaxed.
“This is the last opportunity we have,” said Rep. Peter DeFazio (D-OR). “We're on record voting on a whole bunch of things at a time when people weren't paying attention. People are paying attention now. We think we need to make a strong statement.”
Political analyst Andrew Downs says emotions are high on both sides. But he expects lawmakers will ultimately pass it.
“It might change a little bit before it's finally passed,” said
While this bill would keep taxes lower and unemployment benefits, it would also add more than $800 billion to the debt.
