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House Okays Bill to Extend Limited Tax Cuts

The House of Representatives voted to extend some of the so-called Bush-era tax cuts Thursday. The Democrats targeted the tax cuts toward middle income Americans and limited the tax cuts to only those who earn up to $250,000.

Republicans argued  that Democrats should renew tax cuts for all Americans. Democrats contend Republicans only want to okay tax relief for the wealthy.

The Bush Administration implemented the tax cuts in 2001 and 2003. They are set to expire at the end of the year.

Republicans also chastised Democrats for forging ahead with a vote on the tax cuts as a team of bipartisan House and Senate negotiators huddled with Treasury Secretary Tim Geithner and Budget Director Jack Lew in an effort to break an impasse over the larger set of tax cuts.

The House vote was 234 to 188.