A massive tax-cut bill passed the U.S. House last night is now on the way to President Obama, who is expected to sign it into law.
New Mexico Reps. Martin Heinrich and Ben Ray Lujan, both Democrats, opposed the bill, while Rep. Harry Teague, also a Democrat, supported it. Heinrich and Lujan both said they supported a provision in the bill that would extend Bush-era tax cuts for the middle class, but they opposed inclusion of a tax cut extension for Americans making more than $250,000 annually.
“It was simply too much debt for too little stimulus,” Heinrich said this morning.
“While I’m optimistic about the extension of unemployment benefits and the tax cuts for the middle class, I’m extremely concerned about the billions of dollars that will go towards tax cuts that will only benefit millionaires and billionaires,” Lujan said in a statement. “At a time when we need to be protecting Social Security, I’m opposed to the raiding of the Social Security trust fund in this package. That is why I didn’t support this measure.”
Teague, who lost his re-election bid in November, had this to say about his support for the measure.
“My constituents across southern New Mexico have shared with me their concerns about raising taxes at this point in our economic recovery, and I agree with them,” Teague said. “That is why I supported the bipartisan proposal to extend tax breaks for the middle-class, tax relief for small businesses and workers, and employment insurance for the jobless. The proposal is not perfect, and I have serious concerns about the long-term impact of extending the Bush tax cuts for the wealthiest Americans, but the bottom line is that extending these tax cuts is good for working families and for the small businesses that are creating jobs and putting New Mexicans back to work.”