Reid’s comment came after President Obama addressed the country, saying he won’t back down from his campaign promise to raise taxes on millionaires and billionaires as part of a deficit-reduction deal.
“The Senate passed a bill to cut taxes for Americans making less than $250,000, and the House should pass it immediately,” Reid said. “Our bill cuts taxes for small businesses. When Republicans talk about small businesses, they are really trying to protect millionaires like Donald TrumpDonald TrumpTrump meets with Gov. Mike Pence amid VP speculation Dem immigration platform courts Hispanics Dem platform draft adopts Sanders proposal on taxing foreign earnings MORE.
“It is time for us to put politics aside and give the American people the balanced approach they are demanding. I am optimistic that we can meet this challenge before the end of the year.”
Senate Minority Leader Mitch McConnellMitch McConnellCongress fails on promises to restore regular order and stop funding by crisis Overnight Healthcare: Dems dig in over Zika funding Business groups ramp up pressure to fill Ex-Im board MORE (R-Ky.) said there was no consensus on raising taxes. Republicans have said raising taxes on those making more than $250,000 a year would harm small businesses.
McConnell said he appreciated the president's speech, but didn't hear any specific plans.
"Now that the election is over, the American people expect a plan that reduces spending, reforms the entitlement system, and puts us on a path to ending our chronic annual deficits—without harming an already fragile economy," McConnell said in a statement Friday. "While the Speaker and Republicans in Congress have sought common ground by calling for pro-growth tax reform without raising tax rates, we have yet to hear from Democrats on spending and entitlement reform."
The Senate returns to legislative business Tuesday. Lawmakers are working on a deficit-reduction deal to avoid the “fiscal cliff,” which includes sequestration and tax increases.
--This article was originally published at 2:09 p.m. and last updated at 2:35 p.m.