Today, July 25th, the Senate passed Democrats' tax bill (51-48), supported by President Obama, to extend for one year reduced rates for individual income less than $200,000 a year and couples' income less than $250,000 a year.
Other good news: The Senate also rejected a GOP bill to extend Bush-era tax cuts.
Of course Senate Minority Leader Mitch McConnell predictibly said the Democrats' bill was political, "It's not about the economy. It's about the election." Well, Mr. McConnell the passage of this bill is all about our personal economies. I can't help wondering why the Senate Republicans agreed not to filibuster the bill, and allowed it to pass with a simple majority?
Could it be the election Mr. McConnell? Thank you to the 51 Senators who joined together to pass the tax bill.
Update on middle-class tax cuts saved for one year:
Senator Chuck Schumer said, "McConnell allowed the simple majority vote because it was the only way to get a House vote on the GOP tax plan". If the House Republicans try to block the middle-class tax cuts it could place the GOP in an awkward position going into the November election.
President Obama just released a statement: "The Senate vote means "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." He continued, "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."
In Case You Missed It:
Today Romney is quoted by an unnamed Romney campaign source in the Daily Telegraph about Anglo-Saxon Heritage. "We're part of an Anglo-Saxon heritage, and he feels the relationship is special...The White House didn't fully appreciate the shared history we have." Now the Romney campaign is running as hard as they can away from the statement. Issuing a satement, "If anyone said that, they weren't reflecting the views of Governor Romney or anyone inside the campaign."
For the Romney campaign the Anglo-Saxon (From The Oxford Essential Dictionary: "A person of British or northern European origin. A non-Hispanic White person") quote comes on his overseas trip to beef up his foreign policy credentials. It is interesting the Romney's campaign couldn't resist defining their candidate as an anglophile right off the cricket bat. Maybe this is about Ann Romney's horse competing in the dressage competiton at the Olympic games.
Not the best day for Republicans.