SOUTH ELGIN, Ill. (WBBM) — Former U.S. House Speaker Dennis Hastert says the tax cut compromise between President Barack Obama and the Republicans needs to win approval now, or all taxpayers will suffer.

WBBM Newsradio 780 Political Editor Craig Dellimore reports U.S. House Democrats are still railing against extending tax cuts for the highest earners, and especially don’t want to see breaks on the inheritance tax continue.

But Hastert points out that if the compromise is not approved, taxes will rise for everyone.

“Well, they’re going to have to do it now, because the axe falls on all these tax cuts the first of January, so they need to get it done,” Hastert said, “and it might be easier to get it done with a different Congress. But it should be done now so you have some certainties.”

Hastert was in South Elgin, for the dedication of the $165 million Stearnrs Road bridge corridor, for which he worked for more than two decades.

Watch & Listen LIVE