Unable to agree on who should be eligible to continue to receive the Bush tax cuts, which expire Jan. 1, President Obama and congressional leaders decided to convene a panel Tuesday.
Scott J. Ferrell/Congressional Quarterly/Newscom
President Obama and congressional leaders on Tuesday tasked a six-man panel with finding a compromise on extension of the Bush tax cuts.
The president met with congressional leaders of both parties in a gathering Mr. Obama called “productive," and Republican leaders called “frank.” There was no deal on the Bush-era tax cuts – which Republicans want to extend for all families and Obama wants to extend only for families making less than 250,000.
Two Democrats and two Republicans – one each from the House and Senate – will join Treasury Secretary Timothy Geithner and Jacob Lew, who directs the White House Office of Management and Budget, to “break the logjam,” Obama said.
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