A plan on extending Bush era tax cut was voted this afternoon. The House Democrats proposed that the tax cut be extended for the next two years for families making $250,000 annually or less. The Republicans opposed this plan, and they suggested that the wealthy would use this money to create jobs, while House Speaker Nancy Pelosi claimed that the wealthy would spend this money on stock market and further investments instead of in creating jobs (CNN). The House minority leader John Boehner referred to this plan proposed by House Democrats as "chickencrap" ( the National Interest). Boehner asserted that the House Democrats are playing political games to set up the Election 2012 (CBSNews).
New Jersey representative Bill Prescrell supports this plan because he believes this plan saves the middle class Americans. According to Prescrell, the beneficiary of this plan, households earning $250,000 per year or less, occupies 98% of individuals and business. Such a large percentage of beneficiaries helps achieve Americans economy by reviving middle class.
That a large number of middle-class Americans being beneficiaries could be a lurk of the Democrats in order to win Election 2012. President Obama started paying more attention to the middle class, one of the major reasons he lost this year's mid-term election by one chamber. President Obama saved capitalism - by resuscitating the bank system, initiating an auto bailout, and etc. - but lost the midterms, the big political price he paid to his so-called "socialist" plans (rsn).
In addition to Democrats' special care for the middle class, one thing noteworthy about Prescrell's perspectives is that the point of a bipartisan compromise should be "to facilitate, not end, discussion among all Congress members by focusing on where we all agree and acknowledging what our nation cannot afford" (NorthJersey.com).
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