Sen. McConnell just went on the Senate floor and announced he’s introducing a bill to keep all the original Bush tax cuts in place. In other words, cuts that everybody gets up to $250k and the ones that only about 1% of the population gets over $250k.
But here’s the key. Maybe not for much longer. But for the moment, Democrats are in the majority. That means that they can bring their bill to a vote. McConnell can’t. In other words, it’s in the power of the Democrats to shape the legislative debate to their advantage.
This is why, as noted earlier, what happens in the next 24-48 hours is going to have a huge impact going forward over the next seven weeks.
