concessions

Biden: Tax Cuts 'Morally Troubling'

Vice President Joe Biden tried to smooth ruffled feathers on Sunday, telling NBC's David Gregory that the administration would revisit the Bush tax cuts in 2012. "The one target for us in two years is no longer extending the upper income tax credit for millionaires and billionaires," Biden said on Meet the Press. "And scaling back what we had to do to get the compromise, the estate tax for the very wealthy." President Obama has taken heavy fire from liberal supporters for agreeing to extend the cuts for two years, a deal the White House made in exchange for extending unemployment benefits for 13 months. Without cutting a deal with Republicans, taxes would have gone up in 2011 for all income brackets, including the country's lowest earners. "We got to the end, we couldn't get it done, and we had to make a decision," Biden said. "Were we gonna let the middle-class tax cuts expire?"