The Republican-run House has the votes to raise taxes on top-earners.
So says Rep. Eric Cantor, the House majority leader.
Leaders plan that vote after 7:30 pm EST today, Cantor said today. They also plan to keep the House in session through the weekend to play their hand out. The game, the way Senate Majority Leader Harry Reid sees it, includes Senate rejection of the House bill, known as “Plan B” for House Speaker John Boehner’s alternative to deteriorating negotiations with the White House over year-end tax increases and spending cuts.
How the House got to this place — with Republicans set to vote today on something Democratic Sen. Chuck Schumer of New York proposed some time ago, allowing tax rates to rise for households with more than $1 million of annual income — is a twisted tale.
Read all about it in Richard Rubin’s account of today’s “test vote.”