President Obama met with GOP leaders Tuesday and both sides vowed to seek a compromise on Bush-era tax cuts set to expire at the end of the year. Many Democrats want to extend the reductions to only those making less than $250,000 a year, while Republicans want to extend them for everyone.
The two sides also agreed to create a small “working group” appointed by party leaders that will meet with Treasury Secretary Timothy Geithner and Budget Director Jacob Lew to hammer out a tax agreement. The names of the four lawmakers who will make up the group have been released, and Montana Sen. Max Baucus made the cut. <a href="http://www.washingtonpost.com/wp-dyn/content/article/2010/11/30/AR2010113003490.html" title="From the Washington Post:“>From the Washington Post:
Democrats in Congress will be represented by Sen. Max Baucus of Montana, chairman of the Senate Finance Committee, and [Rep. Chris] Van Hollen [of Maryland], a member of Pelosi’s leadership team.
Republicans will be represented by Sen. Jon Kyl of Arizona, the GOP whip, and Rep. Dave Camp of Michigan, the top Republican on the House Ways and Means Committee.