Jeff Bingaman United States Senator from New Mexico

WASHINGTON – U.S. Senator Jeff Bingaman today voted against a $857 billion package that extends tax cuts to the wealthiest Americans on the grounds that it would cause the country to go deeper into debt to pay for it.

Earlier this month, Bingaman voted for two tax cut proposals that unfortunately were defeated. The first proposal would have extended tax cuts -- enacted during the past decade -- on the first $200,000 of income earned by a single wage earner, and $250,000 per couple. The second proposal would have extended tax cuts on the first $1 million. In 2009 only 571 of the 864,000 tax returns filed in New Mexico reflected income of more than $1 million.

In a speech to the Senate on Tuesday evening, Bingaman said there are some good provisions in the bill, but on the whole the tax cuts for America's wealthiest families make this package too expensive.

"In recent weeks, we've had several expert commissions tell us that we need to get the debt under control – and they have offered thoughtful, practical proposals. This bill is our first chance to begin considering their recommendations, and I see no evidence that we have taken those ideas into account," Bingaman said.

"There are some positive provisions to strengthen our economic recovery, but the bill on the whole moves us in the wrong direction with regard to our other major problem of budget deficits. On that issue, it will start the 112th Congress off on the wrong track. For those reasons, I opposed this bill," he added.

The bill, which cleared the Senate 81-19, will now be sent to the House of Representatives for consideration.