Will we or will we not see an extension to the Bush-era tax cuts? That is what we’re all waiting to see play out this week. Democrats want to return to Clinton-era taxes on the wealthy, and Republicans are holding out for preserving the status quo. But President Obama and Democrats may be backing off on their stance, as a compromise looks like it could be in the works. The Bush-era cuts would be temporarily extended to everyone, rich and poor, for two years...if unemployment benefits are extended as well.
Todd Zwillich, The Takeaway’s Washington correspondent, has the latest from Capitol Hill. Also, as we look ahead, finance ministers from the Euro zone are set to meet today to try and fix the debt crisis there. Charlie Herman, economics editor for The Takeaway and WNYC Radio, looks at what the implications of the crisis in Europe: if something similar happened in the U.S., and one state was unable to pay its bills, what would happen?