U.S. Sen. Bob Corker, R-Tenn., said he will vote today to support the $858 billion tax package negotiated by President Obama and Republican leaders even though it continues many “distasteful” targeted tax breaks for everything from ethanol refining to accelerated depreciation for NASCAR race tracks.
But the former Chattanooga mayor said he expects the 112th Congress next year will work to cut spending, phase out tax loopholes and lower marginal tax rates before he and other members will vote to raise the federal debt ceiling.
Corker called his vote for extending the Bush tax breaks, unemployment insurance benefits and other tax and spending programs “a tough vote” in light of the growing federal debt. But he said the economy still is too weak to raise taxes in January.
“Allowing these income tax rates to expire would be devastating to our fragile economy,” Corker said.
In an interview on CNBC’s Squawk Box today, Corker said he expects the new Congress next year will take some steps to control spending and address some of the $1.2 trillion in breaks now in the tax code before the expected vote on raising the federal debt limit next spring.