"Senate leaders have reversed course and decided to stage showdown votes later today on rival Democratic and Republican plans for extending broad tax cuts next year that will otherwise expire in January," The Associated Press writes.
So, Democrats will get the chance to cast "yea" votes on their plan to extend the so-called Bush tax cuts only for those earning less than $250,000 a year. Republicans will get the chance to cast "yea" votes on their plan to extend the tax cuts for everyone.
Setting the stage for more election-year debate over taxes and economic policy, President Obama this morning challenged Republicans to support a plan to extend for one year — but only for families earning less than $250,000 annually — the so-called Bush tax cuts.
Republicans want the tax cuts, which expire at the end of 2012, to continue for everyone. Obama says it's time for wealthier taxpayers to pay more because that will help narrow future budget deficits.