Senate Democrats appear willing to use your paycheck to play political hardball on taxes unless Republicans agree to President Obama's plan to raise taxes on America's top earners.
A top Senate Democrat warned Monday that, if Republicans don't relent, her caucus is willing to let all the Bush-era tax rates expire at the end of the year -- in effect threatening to let the country fall off what many in Washington call the "fiscal cliff."
That cliff is approaching at the start of 2013, when the Bush tax cuts are set to expire and billions of dollars in automatic spending cuts -- spawned by last summer's debt-ceiling debate -- are set to take effect. Lawmakers on both sides of the aisle are hoping to shift around those spending cuts to spare key areas like defense, and to temporarily extend the Bush tax rates for at least some Americans. Some have warned a failure to do so could send the nation back into recession.
But Sen. Patty Murray, D-Wash., indicated Democrats are willing to let the deadline pass in order to better their negotiating position.
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