Jeff Bingaman United States Senator from New Mexico

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 tax returns filed in New Mexico reflected income of more than $1 million.

"My strong preference is to extend the tax cuts for income up to $250,000, which would guarantee that about 99 percent of New Mexicans see no tax increase.  But in the spirit of compromise, I voted to go as high as $1 million.  In this era of large deficits, I don’t believe we can afford anything more,” Bingaman said.

Many senators who voted against these two proposals have said they want to extend additional cuts for the nation’s highest income earners.

“All New Mexico workers would have benefited from the proposals that were defeated today.  Given our current economic situation, I believe focusing tax cuts on working families make most sense,” Bingaman said.  “I’m disappointed that these proposals failed.”

During the debate this week leading up to today’s vote, Bingaman delivered a speech that put our nation’s economic situation in perspective.