The Hill News

House Budget Committee Chairman Paul Ryan (R-Wis.) said Friday that "it might take the election to break" the impasse on dramatic spending cuts and increases to the tax code set to kick in at the end of the year.

“I think a lot of this will depend on who wins the election. The president is dead set against letting these taxes stay where they are, irrespective of the advice that we're getting from former Obama administration advisers that these tax increases would hurt the economy," Ryan told Bloomberg TV.

The Wisconsin lawmaker said there was consensus that the expiration of the Bush-era tax cuts would hurt the economy. Republicans have asked to make the cuts permanent across the board, while President Obama has urged that the tax cuts be extended for all but the wealthiest of Americans.

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