In a statement, Udall explained:
“While I understand the value of a compromise, the literal costs of this deal for future generations of Americans is too much to concede. With a depressed economy and high unemployment we should be finding ways to create jobs, pull America’s middle class from the edge and bolster our economy. Instead, this proposal will drive our national deficit upwards another $900 billion without any evidence that the deal struck would help our economy in the long-term.
“In fact, economic experts point to the contrary. In terms of stimulating the economy, tax cuts for millionaires and billionaires is not an effective strategy. And a compromise that significantly increases our already unsustainable debt while failing to spark job growth and the economy isn’t much of a compromise at all, and certainly not one I can support.”
The Senate approved the bill 81-19, sending it to the House.
UPDATE: I should have mentioned that our other U.S. senator, Jeff Bingaman, also voted against the tax deal. Bingaman expressed his opposition earlier this week when he voted against stopping debate on the bill.