Democrats and Republicans Differ on Extension of Bush Tax Cuts

At the moment there is a stand-off in Congress on the extension of the Bush tax cuts.  Republicans generally want an extension of the cuts for all, while the Obama Administration has asked Congress to extend the cuts only for those individuals making less than $200,000 per year or families making less than $250,000 per year.

Democrats maintain that the economy cannot afford to support cuts on taxes for wealthier Americans and still maintain them for the middle-class. Republicans maintain that wealthier Americans are more likely to fuel the economy with their tax cuts and that half of those earning over $250,000 are small businesses that create the majority of the new jobs in the country.  Any increase in their taxes will amount to a direct assault on job creation.  It is unsure what, if anything will happen before the November elections.