A spokesman for Senate Majority Leader Harry Reid said Thursday that the Senate will return in November and work to extend the tax cuts for middle-income taxpayers.
Enacted in 2001 and 2003 under President George W. Bush, they were the most sweeping tax cuts in a generation. If Congress takes no action taxpayers at every income level face significant tax increases next year.
Republicans want to extend all the tax cuts. Obama and Democratic leaders in Congress want to extend them for individuals making more than $200,000 and married couples making more than $250,000.