Obama Taps Geithner, Lew With Bipartisan Tax Task

President Barack Obama emerged from his meeting with congressional leaders Tuesday with a new effort to reach a compromise with Republicans on extending the Bush-era tax cuts for all earners, Politico reports.

Obama wants Treasury Secretary Timothy Geithner and Office of Management and Budget chief Jacob Lew to help both parties come to an agreement on the tax cuts, which expire at the end of the year. Obama and many congressional Democrats have stated their wish to see the cuts extended for those making less than $250,000 per year, while Republicans have maintained their desire to see them permanently extended for all tax brackets.

Republican Senate leader Mitch McConnell, R-Ky., House leader John Boehner, R-Ohio, and House Whip Eric Cantor, R-Va., took part in the two-hour long meeting. It was the first time President Obama has met with GOP leaders since the Republican Party's sweep of the midterm elections.