Murray: Extending Bush Tax Rates Worse than Going Over Fiscal Cliff

Tax increase on wealthy covers just 0.18 percent of projected 2013 spending

Sen. Patty Murray (D., Wash.) said Wednesday she believes a "worse idea" than going over the fiscal cliff would be to extend the Bush tax rates for wealthy Americans.

"What we are all saying is that it's not a good idea to go over the fiscal cliff–no one wants to see that happen, it is a bad idea," Murray said, when asked about the dangers of the fiscal cliff.

"But a worse idea is to accept a compromise that allows the wealthy Americans to not pay their fair share," she continued, "because the result of that will be that middle-class families will pay the entire burden of the challenges that this country faces."

An analysis from the nonpartisan Joint Committee on Taxation indicated the proposed tax increases would amount to $68 billion more tax revenue in 2013 — between 6.5 and 8.5 percent of the projected 2013 shortfall and justĀ 0.18 percent of the total $3.8 trillion projected spending for 2013.

In July, Murray threatened to go over the fiscal cliff should a deal not increase taxes on the wealthy to her satisfaction.