U.S. Senator Mary L. Landrieu, D-La., released the following statement today after the Senate passed legislation early this morning to extend tax cuts for 98 percent of Louisianians and avoid the fiscal cliff. The House is expected to take up the legislation, which was approved by a vote of 89 - 8, later today.
"The compromise we reached this morning shows that we can work together and reach an agreement that protects the middle class by keeping tax rates from rising at a time when many can least afford it. I urge our colleagues in the House to act quickly on this commonsense proposal," Sen. Landrieu said.
"This legislation will protect more than 98 percent of Louisianians from an income tax increase, preserve key tax credits for 576,000 Louisiana families with children and 158,000 families to help pay for higher education, and maintain the Earned Income Tax Credit. In addition, we worked hard to extend the estate tax in a reasonable way that protects small businesses and farmers.
"While this compromise did not do as much as we had hoped to reduce the deficit, I remain committed to working with my colleagues on both sides of the aisle to find a balanced approach to deficit reduction that includes both spending cuts and new revenues."