During an interview on on CNBC’s “Closing Bell With Maria Bartiromo” former President Bill Clinton said that the Bush tax cuts, set to expire in January, should be temporarily extended, including for the wealthiest Americans, to give lawmakers time to reach a deal on long-term tax plan that would later exclude the rich.
Clinton’s comments are in stark contrast to President Obama, who claims he is opposed to renewing the tax cuts for people earning more than $250,000 a year. Obama already renewed the cuts roughly a year and a half ago as part of a deal with Republicans to preserve federal emergency unemployment benefits but the President and Democrats agreed to a new deal with Republicans this year that slashed the amount of weeks an individual could claim benefits.
Democrats say they want to extend the rates for all but the richest Americans, while Republicans say the wealthy should be included as well.
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