Sen. Charles Schumer argued Sunday for a compromise on extending the Bush tax cuts by keeping rates the same for those making up to $1 million.
President Obama wants to eliminate tax cuts for individuals making more than $200,000 and married couples earning $250,000 that were put in place under the previous administration.
Republicans have urged extending the tax breaks for everyone, at least temporarily.
"Better to put the money into deficit reduction and creating jobs than giving it to millionaires and billionaires. I think that is a good compromise," Schumer (D-NY) said on CBS' "Face the Nation."
The lame-duck Congress heading back into session this week has until the end of the year to reach a compromise or all the Bush-era tax cuts will expire.
With high unemployment, sluggish economic growth, and towering defects, the issue of how to deal with the soon-to-lapse tax cuts has risen to center stage.
"The American people want us to do a tax cut I really believe the Republican party will not hold middle-class tax cuts hostage to protect tax cuts for millionaires and billionaires," Schumer said.
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