Senate Democrats To Scrap Obama's $400 Tax Credit

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- The Senate's top Democratic on budget issues is scrapping Barack Obama's signature tax $400 tax credit for most workers as he seeks to cut the deficit to sustainable levels.

Senate Budget Committee Chairman Kent Conrad is also delivering cuts to domestic programs as he promises to reduce the deficit from a projected $1.7 trillion this year to a still-high $508 billion in 2014.

But to do so, the North Dakota Democrat assumes Congress won't make permanent Obama's plan to deliver $400 tax cuts to most workers -- and $800 to couples -- this year and next. The temporary tax cut was enacted under Obama's economic stimulus plan.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


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