Pence says federal tax package won’t help create jobs

Republican Congressman Mike Pence says he won't vote for the massive tax cut package coming before the House on Thursday, because he believes it "will do little to create jobs."

Pence, the No. 3 House Republican, tells NBC's "Today" it is a "tough call" because no Republican wants to see taxes go up.

But he says the package's two-year extension of Bush-era tax cuts, negotiated between President Barack Obama and Senate Republicans, "is not going to create investment."

Pence says Congress needs to "take a breath" and vote on making the tax cuts permanent.

Most of the objections to the bill have come from liberals protesting its extension of tax cuts for the wealthy. But some conservatives have recently raised objections to its temporary nature.

The Senate overwhelmingly passed the package Wednesday, with broad bipartisan support. Now, Obama is urging the House to pass it without changes, so he can sign it into law.

"I know that not every member of Congress likes every piece of this bill, and it includes some provisions that I oppose," Obama said. "But as a whole, this package will grow our economy, create jobs, and help middle class families across the country.

"As this bill moves to the House of Representatives, I hope that members from both parties can come together in a spirit of common purpose to protect American families and our economy as a whole by passing this essential economic package," Obama said.

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