It seems that President Barack Obama, after hammering out a deal with Republicans, will likely get what he wants: an extension of tax cuts for everyone, including the millionaires, despite backlash from several resistant U.S. Senate Democrats, including Colorado's Mark Udall. While the White House has portrayed the measure as one that will help boost the national economy, and the Senate largely agreed with the president in its 83-15 vote Monday (via USA Today), Udall voted against the bill, as he opposes giving the wealthiest Americans an estimated $700 billion tax break (via The Associated Press). Udall argued that such breaks will contribute to the deficit and don't create jobs, pointing out that they've been in place for about a decade but didn't prevent rampant foreclosures and unemployment (watch his full remarks below).
The bill prevents tax cuts for Americans at all income levels from expiring in January by extending them for two years. Michael Bennet, the state's junior Democratic U.S. senator, tells CBS News' "Washington Unplugged" there was little choice politically but to pass the bill. If the deal were not passed, he says, "the cruel reality is two million Coloradans would see their taxes go up, and there are a lot of people on unemployment insurance who would lose that."
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