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Tax Cuts on the Capitol Hill Bubble

Tax Cuts on the Capitol Hill Bubble

President says he is open to compromise.

Senate Democrats met Tuesday without discussing plans for extending tax cuts, and leaders in the House and Senate say neither body is likely to turn to the issue this week. Unless Congress acts, virtually every taxpayer could see a sharp bite in his or her paycheck in January.

Meanwhile Senate Minority Leader Mitch McConnel, R-Ky., and House Minority Leader John Boehner, R-Ohio, asked the White House to reschedule a meeting to focus on economic concerns, particularly the tax cuts passed in 2001 and 2003 that are set to expire at year's end. That meeting was to be held Thursday.

Don Stewart, a spokesman for McConnel, says the meeting will happen. Obama has said he is open to a compromise, but Congressional Democrats have yet to focus on what shape a compromise might take.

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