Democratic Senators v. Obama on Bush Tax Cuts

ABC's Z. Byron Wolf reports:

After tough votes for stimulus and health reform, Nebraska Dem Ben Nelson has voted against his party on a great number of issues.

Tax cuts will be no exception. Nelson issues a statement today breaking with the White House on the issue of extending Bush-era tax cuts. Nelson compares the tax cut extension with the stimulus bill.

 “Just like the stimulus package in 2009, it is imperative that we take actions to help the economy. I hate deficit spending, but some matters are so urgent that they can't wait. Such was the case with the stimulus package, which contained more than $300 billion in tax relief, and I believe the same holds true about the expiring Bush era tax cuts,” says Nelson in the paper statement.

 He goes on to say the tax cuts should be offset if possible with spending cuts.

There are three Senate candidates who oppose President Obama’s Tax proposal – extending tax cuts only for those making less than $250,000 – Jack Conway in Kentucky, Robin Carnahan in Missouri, and sitting Sen. Blanche Lincoln in Arkansas.

Two more Senators who are not up for reelection have also said they oppose the President’s plan – Kent Conrad in North Dakota, the retiring Evan Bayh in Indiana, and Nelson in Nebraska.

The President wants to extend the tax cuts for people earning up to $250,000 but he conspicuously declined to issue a veto threat to a blanket extension during an interview with ABC's George Stephanopoulos on Wednesday.

 The Full Nelson statement.

 Thursday, September 9, 2010

NELSON: EXTEND TAX CUTS FOR NEBRASKA FAMILIES AND BUSINESSES

September 9, 2010 – Nebraska’s Senator Ben Nelson issued this statement today concerning a series of tax cuts enacted during the previous administration that are set to expire at the end of 2010. Senator Nelson cast a deciding vote in favor of those tax cuts.

“I support extending all of the expiring tax cuts until Nebraska’s and the nation’s economy is in better shape, and perhaps longer, because raising taxes in a weak economy could impair recovery.

“Continuing all of the tax cuts could provide certainty for families and businesses in Nebraska and nationwide. Today, many businesses are sitting on cash because of uncertainty, which is holding back economic development across America.
 
“Just like the stimulus package in 2009, it is imperative that we take actions to help the economy. I hate deficit spending, but some matters are so urgent that they can't wait. Such was the case with the stimulus package, which contained more than $300 billion in tax relief, and I believe the same holds true about the expiring Bush era tax cuts.
 
“That said, I’d like to see these tax cuts paid for as much as possible. We need to focus on reducing government spending and finding offsets, where we can, because that’s the fiscally responsible thing to do.

“The federal deficit’s real and Nebraskans tell me that while we need to revitalize our economy now, we must minimize adding to the deficit because it will drag our economy down and burden our children’s future.”