U.S. Senate extends Bush-era tax cuts
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The U.S. Senate on Wednesday passed a measure that extends Bush-era tax cuts for two more years, a compromise struck by President Barack Obama and Congressional Republicans that also includes extension of unemployment benefits.
The Senate passed the measure with a 81 to 19 vote. The 858- billion-dollar package now goes to the House of Representatives. House Democrats are unhappy with extending tax cuts for the richest of Americans.
Although it faced obstacles in the House, Democratic leaders are optimistic the measure can pass the chamber before the Congress adjourns for the holidays.
The tax cuts, enacted under former president George W. Bush, were to expire on Jan. 1, 2011. It will affect Americans of all income levels.
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