Senate passes Tax Cut BillDecember 24th, 2011 - 12:12 am ICT by Aishwarya Bhatt
Washington, Dec 23 (THAINDIAN NEWS) US lawmakers once again left it late too avert a major economic uncertainty. With just eight days to the expiration of the Bush-era tax cuts, the fate of millions of unemployed Americans was looking increasingly gloomy.
The House Republicans at the US Congress objected to the Tax Cut Bill because they argued that the plan was not exhaustive enough and the bill will have to be passed again in 2012. They wanted to extend the law to at least another year but the Democrat-dominated Senate objected to that and passed the original bill.
Coming under pressure from the White House and Americans, the Republicans finally agreed and passed the bill. President Barack Obama is expected to sign the bill into law shortly.
Senate Majority Leader Harry Reid, a Nevada Democrat addressed the press after the passage of the bill on Friday. He threw out a challenge to the new Republicans at the House.
Reid said that, “I hope this Congress has had a very good learning experience, especially those who are newer to this body. It seems that everything we’ve done this past year has been a knock-down, drag-out fight. There is no reason to do that.”
The House will have to visit the bill again in 2012.
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