White House Rejects Republican Proposal to Extend Tax Cuts

The White House rejected a House GOP proposal Tuesday to extend the Bush tax cuts for those making up to $1 million, saying it doesn’t go far enough and wouldn’t pass the Senate anyway.

The swift White House response came shortly after House Speaker John Boehner, along with other House GOP leaders, proposed the tax-cut extension as a fallback position, or “Plan B,” in case the “fiscal cliff” talks failed.

Boehner said he still hopes to reach a “balanced” agreement with the administration on the fiscal cliff. But he said he expects the “Plan B” proposal to come to the House floor later this week.

“I believe it’s important to protect as many American tax payers as we can,” Boehner told reporters.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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