Hatch Says Time for President Obama to Follow President Clinton’s Lead, Act to Prevent Largest Tax Hike in American History

WASHINGTON – U.S. Senator Orrin Hatch (R-Utah), Ranking Member of the Senate Finance Committee, issued the following statement after former President Bill Clinton said on CNBC this afternoon that all the tax rates that are set to expire on January 1st should be extended:

“Bill Clinton and I disagree on many things, but when it comes to stopping this massive tax hike on January 1st, we agree. It’s my sincere hope that President Clinton’s call for action will spur this President to finally lead and prevent the largest tax increase in history, a tax increase that would devastate our already weak economy. The American people elected a leader, not a campaigner. It is past time for this President to work to bring relief to the millions of American families struggling under this economy. He should follow President Clinton’s lead, put campaigning aside, and start work now to prevent these massive tax hikes.”

On CNBC, President Clinton said that extending “all the tax cuts due to expire at the end of the year” is “probably the best thing we can do right now.”

In May, Hatch led a letter to Senate Majority Leader Harry Reid (D-Nev.) urging him to start working with Republicans to prevent these massive tax hikes given the impact on the economy. The Congressional Budget Office (CBO) found that if these tax hikes are not prevented that the economy could be pushed into another recession.

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