Biden: GOP Tax Cut Claims 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."