The Republicans, those very “few” who’re armed against President Obama, have blocked a move to let Bush era tax cuts to be extended for the wealthiest people of America. As always Obama was very disappointed in the vote. He also commented, “It makes no sense to hold tax cuts for the middle class hostage to permanent tax cuts for the wealthiest two percent of Americans.”

Tax-Cuts

The hundred member Senate was short of votes by 60 voters. Apparently, those 60 votes were necessary to approve the Democratic proposal of renewing low tax rates only for individuals earning up to $200,000. That’s a little high for an average American family.

Republicans complained and blocked the legislation on a procedural vote. They complained that measure failed to extend low tax rates for wealthier Americans. In short, the Reps. Want all of the tax cuts including those that directly or indirectly benefits the top earners. Obama said in a statement, “With so much at stake, today’s votes cannot be the end of the discussion,” Obama said in a statement.

“It is absolutely essential to our hardworking middle class families and to our economy to make sure that their taxes don’t go up on January 1.”

The White House is in the middle of setting up a table for a final compromise, indicating it will accept a temporary extension of the tax cuts for the wealthiest earners. After such a seemingly long struggle, the average middle class families can ill afford a tax hike.