U.S. Senator Roy Blunt (Mo.) released the following statement today after U.S. Senate Majority Leader Harry Reid (Nev.) blocked Republican Leader Mitch McConnell's (Ky.) attempt to hold an up-or-down vote on President Barack Obama's proposed tax hike for small business owners:
"Apparently leaders in the President's own party understand that his plan to raise taxes for nearly one million job creators and small business owners is deeply flawed. As our nation faces a year-end fiscal cliff, it's time for the Democrat-controlled Senate to do its job and focus on serious, pro-growth policies to increase economic certainty and encourage private sector job growth. That starts with extending the current tax rates for all Americans immediately, passing appropriations spending bills, and passing a responsible budget plan and comprehensive tax reform."
Federal Reserve Chairman Ben Bernanke recently warned the Senate Majority that inaction before the year-end expiration of our current tax rates and deep spending cuts would seriously damage our already weak economy.
In 2010, President Obama said allowing the tax rates to increase "would have been a blow to our economy." The President also said that allowing taxes to increase would mean "the economy would grow less."