Many political battles will play out in the coming months, but few loom larger than the scheduled tax increases set to take effect at the start of next year.
The Bush tax cuts are set to expire, so are the payroll tax breaks and other provisions that could add up to a huge financial hit to American families. Both parties are opposed to letting all the cuts expire, but there are major disagreements over what should be extended and which breaks can lapse.
Rep. James Lankford is a member of the House Budget Committee. He says there will be a huge legislative fight over the expiring taxes in the lame-duck session. Lankford tells us what his goals will be to protect taxpayers this year and what sort of permanent change he would like to promote in the new Congress.