Bush Rates Kept Safe in Debt-Limit Talks

The Hill reports:

The White House, seeking an agreement to raise the nation’s $14.3 trillion debt ceiling by Aug. 2, on Monday said it would not insist that any deal include an end to former President George W. Bush’s controversial tax rates on the wealthy.

President Obama’s tactics are coming into focus as he huddles with congressional leaders to try and break the deadlock on increasing the debt ceiling.

Before a meeting Monday between Obama and Senate Minority Leader Mitch McConnell (R-Ky.), White House officials said the president would push to close tax breaks for major oil and gas companies; end tax loopholes for corporate jets; and impose regular income tax rates on the carried interest earned by investment fund managers.

The White House said the president is pushing the GOP to agree to eliminate some tax breaks for businesses and loopholes for wealthier taxpayers, but is not seeking to eliminate the across-the-board rates introduced by President Bush. That means taxpayers who earn more than $250,000 annually have gotten a reprieve.

Obama still wants to scrap the Bush-era rates, but with time running out on the debt-ceiling talks, he made clear Monday that he has a new range of targets.