Robert Gibbs Signals Temporary Extension of All Tax Cuts

[sc4ram]

Robert Gibbs Signals Temporary Extension of All Tax Cuts
December 01, 2010 8:06 AM George Stephanopoulos'

Listen closely to Robert Gibbs on "GMA" this morning and it’s pretty clear that the only outstanding question on those tax cuts expiring on December 31st isn’t whether they will all be extended but for how long.

President Obama’s only “line in the sand”, according to Gibbs, is opposition to a “permanent” extension of the tax cuts for the wealthy.

“The president’s principles are clear, and that is for the middle class their taxes can’t go up at the end of the year when a series of tax cuts expire. His other line in the sand, quite frankly George, is that many Republicans would like to see the tax cuts for millionaires and billionaires extended permanently,” he told me.

Everything else is on the table. So I asked Gibbs about a possible trade. Would the President swap a temporary extension of the tax cuts for passage of the START Treaty and extending unemployment benefits?

“Well, I want to put these two issues aside George, because I think that we have a responsibility, Democrats and Republicans, to figure out this tax issue by the end of the year when tax cuts are said to expire,” he said.

So Gibbs didn’t bite, but I’ll bet the final compromise looks something like that –anchored by a three year extension of the tax cuts.

[sc4ram]

CNBC Washington correspondent John Harwood opined tonite on the Kudlow show that there is a deal in the works to freeze current tax rates in exchange for a Unemployment benefit extension. (minute marker ~ 5:40). The Hill article mentioned in the clip is at the link at the bottom. They are reporting a 1 year unemployment benefits extension is on the table.

(I have to assume that this is funding of current Tiers only)


http://www.cnbc.com/id/15840232?video=1678720206&play=1


http://thehill.com/homenews/administration/131781-white-house-and-hill-republicans-have-outlines-of-tax-deal

[sc4ram]

I heard today that the deal that was in the works is now dead. Below is a clip of Chuck Todd of NBC making some good points on Morning Joe today that the people presently running Congress procrastinated this year and could of tried to solve the tax and EUC issue a lot earlier than the lame duck session.



http://www.msnbc.msn.com/id/3036789/#40489586

[nancym]

Thanks for keeping this thread updated with some good links, sc4ram.

We have obviously only a fraction of the number of participating members on this forum that we had last year at this time. I wish the reason for that were that we all now had jobs, but I have to assume that many have become pretty discouraged and even embittered about what the outlook is, both for jobs and for any possible benefit extensions, especially a Tier V, or some may even have lost a regular internet connection.

I'm keeping an eye on what's happening and the forum talk around the net, but lately I'm pretty preoccupied with finishing up this school term this coming week, along with some much welcomed additional freelance work I've got lined up, thank god!

I hope everyone still tuning in here managed to have some kind of decent Thanksgiving time, under the circumstances. I do see more jobs listed and freelance/temp work, at least in my general niche of work, and where I live the stores definitely seem busier lately. But I have no illusions, 15 million jobs are not going to appear overnight, and most of us, except for those guys who got the big favors from the Federal Reserve last year, are probably going to be looking at a much different America than we've known before all this.

[sc4ram]

Interesting, this is the first time I recall the Prez displaying a spine in legislative discussions (he sure didnt do it on Health Care) . What may not be good is this demand to extend the tax credits from the stimulus package, the White House has never mentioned this since the stimulus was passed. This came out of the blue, maybe he is a me too guy on tax reduction now. Hope it doesnt foul up the negoiations............


http://www.bloomberg.com/news/2010-12-05/obama-says-tax-cut-extension-must-include-jobless-benefits-credit-plans.html

[sc4ram]

Fla Today Dec 5 2010

US Sen George LeMieux said Thursday that he supports and will co-sponsor a measure that would extend emergency unemployment benefits set to end this month.

The bill sponsored by Sen Scott Brown R-Mass, would extend emergency jobless benefits to nearly a million out-of-work people and would be paid for with unspecified "unspent" federal money to be found by the Office of Management and Budget.

"Congress should extend emergency benefits to those who cant find work and we should pay for that assistance," said LeMieux, who will make way next month for Republican Sen. -elect Marco Rubio.

[Unemployed In Orlando]

http://news.yahoo.com/s/ap/20101206/ap_on_bi_ge/us_tax_cuts

[sharonB]

I am a 99er and have not had any income since July. I am not living just barely surviving, as most 99ers are. I did go back to school for my bachelors March 2010. Having recieved my AS in Nov 2009 and still not finding work. 20 plus resumes in 3 months and one interview and that job got cut from the companies budget. No, I'm so broke moving to the store is hard enough for those thinking to move to where the work is.

My question is probably one that can't be answered but I'll ask anyway.

With the new extension, will this be only for those currently on unemp. If so, will the people on tier 4 continue to collect when they are up? If so, that would not go over very well for people like me. Part 2 is this extension FOR all who are unemployed, even the 99ers? I guess I should be asking will the new extension include a tier 5?

Thanks
Sharon

[sc4ram]

Sharon- the proposed extension (it wont become effective until it passes Congress and is signed by the President, i think it will happen but the Prez's lefty buddys in Congress are balking at the extension of the current tax rates at the moment)

only provides funding for the existing Tiers. If you are in Tier 4, once you complete it this proposal provides no more benefits for you . (I am a 99er as well, there is no Tier V for us in this proposal)

[sharonB]

Thank you for the quick reply. I wasn't holding my breath in regards to collecting unemployment again.

[sc4ram]

Fr: The Unemployment Examiner:
The latest news about unemployment extensions is that 13 months of unemployment extensions will be available to those that exhaust the 26 week state programs but have not yet reached 99 weeks. THERE IS NO HELP in this proposed legislation for the 4-5 million 99ers. The 99er ranks will continue to grow during this extension, since the maximum number of weeks is still 99.


Detail @ Open Congress
http://www.opencongress.org/articles/view/2126-What-Exactly-Is-In-Obama-s-Tax-Cut-Unemployment-Extension-Compromise-

[sc4ram]

From the Unemployment Examiner:

Immediately following the 99er story, (when asked about the 99ers being excluded), V.P. Biden's Chief Economic Advisor, Jared Bernstein, told CNN host Ali Velshi that the "those who have been out of work for two years and more obviously need more training and job skills," - not more U.I. benefits

[sharonB]

From the Unemployment Examiner:

Immediately following the 99er story, (when asked about the 99ers being excluded), V.P. Biden's Chief Economic Advisor, Jared Bernstein, told CNN host Ali Velshi that the "those who have been out of work for two years and more obviously need more training and job skills," - not more U.I. benefits

WOW If that's not a kick to the lower parts nothing is!! How dare he say that! I have been going to school since 2001 chasing this economy and I'm still in school for my bachelors. So, bring on the free education then. I can't even pay the interest on my student loans!

[nancym]

I don't want to get anyone's hopes up unnecessarily, but every "99er" should be aware there is a NEW bill, offered just Dec 17, by Bobby Scott of the Congressional Black Caucus that would extend benefits for exhaustees another 14 weeks:

http://www.bobbyscott.house.gov/index.php?option=com_content&task=view&id=582&Itemid=62

I really doubt that this bill has a chance, but who knows, if enough people shame the Congress into taking care of the destitute insteaad of just the wealthy and the employed, maybe things could move. In any case, I had to post it here.

Seems only the CBC care about the long term unemployed seriously enough to do something about it.

You can also find the bill and discussion about it here on Open Congress:
http://www.opencongress.org/bill/111-h6556/show

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