Lawmakers will debate renewing tax cuts for the wealthy passed under former president George W. Bush as they return to U.S. Congress this morning, Reuters reported today.
The tax credits expire at the end of this year, and Republicans are pushing for a permanent extension. The U.S. Treasury estimates the cost of making those tax cuts permanent is $3.7 trillion over 10 years. President Barack Obama and other Democrats want to limit the credits to families making less than $250,000 a year.
In the Nov. 2 elections, Republicans candidates won enough seats to claim a majority in the House; however, Democrats retained their majority in the Senate. The new candidates take office in January. During the four-week lame-duck session before the Christmas holidays, lawmakers also plan to address the ratification of a nuclear treaty with Russia, repeal of "don't ask, don't tell" and an extension of long-term unemployment benefits.
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