White House Veto Threat Appears to Stall Possible Tax Plan

A White House veto threat appears to have postponed a congressional effort to permanently renew a handful of generous tax breaks for businesses and individuals. Speculation on Capitol Hill on Tuesday focused on a potential agreement to permanently enact tax breaks on business investments in new equipment and research and development as part of a plan that would renew dozens of expired tax breaks for businesses and individuals. The White House immediately weighed in with a veto threat, saying Congress should also make permanent a top Obama administration priority: extending more generous tax credits for the working poor and people with children. Deputy White House press secretary, Jennifer Friedman said, 'The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families.' A senior White House official said the president was personally working the phones to try to kill the plan.