Obama to send fiscal cliff tax measure to Congress Thursday

Source: CNN

Obama to send fiscal cliff tax measure to Congress Thursday

Posted by
CNN Senior Congressional Correspondent Dana Bash

(CNN) - Two sources on Capitol Hill say President Barack Obama told Senate Republican Leader Mitch McConnell he would send to Congress on Thursday a scaled back fiscal cliff measure.

The bill would include elements of Obama's tax plan which would prevent for some the tax hike scheduled to take place in the new year.



McConnell has said he can not say whether he would require a simple majority or 60 votes for passage in the Senate until he sees Obama's proposal.

It is expected that the measure would extend the Bush-era tax breaks for income under $250,000, extend the current estate tax rate, and extend unemployment insurance. The estate tax extension is on Republicans' wish list for a deal.

Read more: http://politicalticker.blogs.cnn.com/2012/12/27/first-on-cnn-sources-obama-to-send-fiscal-cliff-tax-measure-to-congress-thursday/