Biden: GOP Tax Cut Claims a 'Bunch of Malarkey'

August 25, 2010 - 2:46 PM
Vice President Joe Biden says Republican assertions that small businesses would suffer if all of the expiring Bush tax cuts aren't extended are a "bunch of malarkey."

Vice President Joe Biden greets workers at Pete's New Haven Style Apizza restaurant in Washington, Wednesday, Aug. 25, 2010, before holding a discussion about the economy. (AP Photo/Charles Dharapak)

Washington (AP) - Vice President Joe Biden says Republican assertions that small businesses would suffer if all of the expiring Bush tax cuts aren't extended are a "bunch of malarkey."
 
A series of sweeping tax cuts enacted under President George W. Bush are set to expire in January.
 
The Obama administration wants to renew only those tax breaks that affect middle-class and lower income taxpayers, those with incomes under $250,000. Republicans want the tax cuts extended for all wage-earners.
 
Biden said Wednesday that few small businesses would benefit if the tax cuts are extended for everyone. Doing so, he said, would cost $700 billion, worsen the nation's already dire financial situation and, in his words, is "just bad economic policy."