The recent compromise on the Bush-era tax cuts between the President and congressional Republicans has not received a warm welcome from many Capitol Hill lawmakers, and Third District Congressman John Yarmuth is among them.
Yarmuth, a Democrat, says he will not support the compromise, which, among other things, calls for a two-year extension of the tax cuts in exchange for a 13-month extension of unemployment benefits. Yarmuth does not support extending the tax cuts for the highest-earning Americans. He says he doesn’t think there is enough support from either party in the House to pass the compromise. And it may not fare any better once the Republican majority is sworn in next year, either.
“A lot of the new Republicans are going to be hard pressed to vote for something that adds almost a trillion dollars to the debt in the next two years,” he says. “But we’re going to have to deal with it in the next couple weeks.”
The tax cuts are set to expire at the end of the year. Yarmuth says the cuts for the wealthiest Americans are too expensive, and he is disappointed with the President and other Democrats for not being more firm with Republicans on the issue.
“It would’ve been good to try and put some pressure on them,” he says. “No pressure was put on them and that’s why it seems like a very, very high price for no benefit for the vast majority of Americans to get this kind of compromise done.”
Yarmuth says any changes to the deal will likely be made in the Senate.