Treasury Secretary Timothy Geithner and Budget Director Jacob Lew will meet with lawmakers Wednesday morning in what will be their first attempt at forging a bipartisan, bicameral compromise on extending Bush-era tax cuts, a White House official said Tuesday night.
The officials will meet on Capitol Hill with Senate Finance Chairman Max Baucus (D-Mont.), Senate Minority Whip Jon Kyl (R-Ariz.), presumptive House Budget ranking member Chris Van Hollen (D-Md.) and presumptive Ways and Means Chairman Dave Camp (R-Mich.). Congressional leaders tapped the lawmakers to represent them in the meeting aimed at reaching a deal on whether to extend the tax cuts for the middle class only, as Democrats want, or to include those making more than $250,000 per year, as Republicans want. All of the cuts are set to expire at the end of the year.
Their huddle comes a day after President Barack Obama sat down with Hill leaders to discuss priorities for the lame-duck Congress. Obama announced after the meeting that Geithner and Lew, who heads the Office of Management and Budget, would lead an effort “to break through this logjam” over extending the tax cuts.
More logistical details on the meeting will be provided Wednesday morning, the official said.