Lieberman Backs Bush-Era Tax Cuts Extension

In today’s address to the Stamford Chamber of Commerce in Connecticut, Senator Joe Lieberman (I-CT) voiced his strong support for extending the Bush-era tax cuts and expressed hope that a bipartisan coalition can form to break the political gridlock.

 

In his remarks, Senator Lieberman said:

 

“The surest way for Congress to help bring about a double-dip recession is to allow taxes to be raised on anyone during this uncertain economy we are struggling through.”

 

“I think there is a path forward on extending the tax cuts that can also cut through the partisan gridlock and heated rhetoric that has been paralyzing Washington and keeping us from taking the actions that we need to get our country back on the right track.  I have had promising discussions over the past several days with colleagues from both sides of the aisle who see a bipartisan path forward on a permanent extension of the middle-class tax cuts and a temporary extension of the tax cuts for the highest income brackets to make sure that nobody’s taxes go up while the economy is still struggling to recover.”

Van Hollen Blasts Boehner’s Economic Plan

A top Democrat in the House released a statement today assailing House Minority Leader John Boehner’s (R-Ohio) proposal to fix the economy.

“One of the key pieces of the Washington Republican agenda is repealing the remaining funds of the Recovery Act. This plan will terminate over 60,000 contracts and awards and extinguish more than $200 billion in economic activity at a critical moment. The result will be to put the brakes on the fragile recovery, kill thousands of new jobs, and create massive new uncertainty when the economy needs stability,” said Rep. Chris Van Hollen (D-Md.).

“Repealing this funding – which has created millions of jobs and brought our economy back from the brink of collapse – would mean taking contracts and grants back from small businesses and other entities that will use it to create jobs, rebuild our infrastructure, and provide necessary services. It will also put on the chopping block millions of dollars to support injured veterans,” Van Hollen added.

Collins To OMB Nominee: Good Luck

Jacob ‘Jack’ Lew, the president’s nominee to succeed Peter Orszag as head of the Office of Management and Budget at the White House, will testify before a Senate committee later today, and is expected to be peppered with questions about the nation’s deficit and potential tax increases.

In her prepared remarks, Susan Collins (R-Maine), the top Republican on the Senate Homeland Security Committee, will warn Lew that he must prepare for a “perfect storm” of economic uncertainty.

“Rising entitlement costs soon will collide head-on with the cresting waves of aging Baby Boomers set to leave their jobs. The result will put even more pressure on already strained Social Security and Medicare expenditures,” Collins will say.

Collins, who supports extending tax cuts for all Americans, will also tell Lew he needs to keep a close watch on the nation’s soaring level of debt.

“Mr. Lew will need to develop a realistic plan that prevents the federal budget from becoming a mammoth anchor, dragging down growth in jobs and personal income.”

Geithner: Let The Bush Tax Cuts Expire

U.S. Treasury Secretary Tim Geithner told an audience gathered at the Center for American Progress in Washington, D.C. that extending tax cuts for the wealthy would be a “mistake.”

Continuing the cuts enacted during the Bush administration “would be irresponsible and it would be unfair, especially with America still suffering through the effects of what we learned last week was the worst recession in post-war history,” said Geithner.

“That would only slow our recovery,” he added.

Geithner argued that the best way to restore the nation’s economy and balance its budget would be for Congress to extend tax breaks for the middle class that are set to expire at the end of 2010…