Bush-Era Tax Cuts May Expire as Step to Budget Deal, Tyson Says

Bush-era tax cuts may be allowed to expire at the end of the year as a prelude to an agreement on the budget, according to Laura Tyson, an economics professor who advises President Barack Obama on the labor market.

An expiration “is the major scenario right now,” Tyson, a professor at the University of California-Berkeley and a member of Obama’s jobs advisory board, said in an interview today with Bloomberg News editors and reporters in Washington.