Senate's GOP leader says tax cuts will be extended

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Source: AP

The Senate Republican leader says it's become clear now that taxes will not be raised for anyone during the current economic downturn.

Sen. Mitch McConnell's assessment comes a day after Senate Republicans voted down Democratic efforts to limit any extension of the Bush-era tax cuts for the top-earning Americans.

President Barack Obama then signaled a willingness to give in to Republican demands that the tax cuts that expire at the end of the year be extended at all levels. McConnell, R-Ky., tells NBC's "Meet the Press" that the question on tax cuts is how long they might be extended.

On the issue of aid to jobless Americans, McConnell says he believes that unemployment compensation will be extended again.

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Is it worth it to agree that tax cuts for the rich can continue temporarily if that's what it takes to get unemployment benefits extended? I am torn over this because I vehemently oppose extending the tax cuts for the rich, but yet we cannot abandon the long term unemployed either. At the very least, we need to hold out for a one year extension of extended unemployment benefits, not the three months that some in the GOP have suggested. And the tax cuts for the rich should expire no later than one year from now. I know it's an uncomfortable compromise. But we are talking about millions losing their unemployment benefits, and we can't let that happen.