The closed-door meeting with the House Democratic caucus, scheduled for shortly after noon, is aimed at rallying votes in favor of the bill which passed the Senate in the wee hours of Tuesday morning. That package would halt income tax increases that otherwise would affect almost all Americans. It would allow taxes to go up for upper-income taxpayers, mostly those with taxable incomes above $450,000.
“There’s more work to do to reduce our deficits, and I’m willing to do it,” President Obama said in a statement following the Senate vote. “But tonight’s agreement ensures that, going forward, we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest Americans.”