National News

Obama, GOP reach deal to extend tax cuts

Posted December 6, 2010

President Barack Obama has announced an agreement with Republicans on a framework to extend expiring tax cuts for all Americans.

The agreement also calls for the renewal of jobless benefits for the long-term unemployed and would grant a one-year reduction in Social Security taxes for millions.

Obama says the proposal contains elements he personally opposes, such as tax breaks for the wealthiest. But he says he decided that an agreement with Republicans was more important than a stalemate that would have resulted in higher income taxes at all income levels on Jan. 1. He also says raising taxes on middle-income Americans would hurt the economy.

He acknowledges opposition in his own party. Democrats have repeatedly raised objections to including the upper-income in any plan to extend tax cuts.

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  • 68_dodge_polara Dec 6, 2010

    But Obama needs to stop spending money we just don't have!

  • Ben There Dec 6, 2010

    There he goes again, selling us out to his Wall St. masters. I'm embarrassed to admit I voted for this guy, sent him money, knocked on doors for him. It's getting to the point where I'm not even sure he's better than the alternative.

  • 68_dodge_polara Dec 6, 2010

    We pay now or our children pay later sham on them.

  • RomneyRyan2012 Dec 6, 2010

    There are lots of things in Obamacare that the Repubs didn't like as well but you passed it anyway. What goes around...

  • Just the facts mam Dec 6, 2010

    Is this the same "Bush tax cuts" that Obama and the Democrats were screaming their heads off about several years ago when Obama was running for President??? The Democrats were literally screaming bloody murder about these for several years - now they are going to vote to extend them.... I guess the Democrats are not getting the "change" they were expecting...

  • godnessgracious Dec 6, 2010

    Republicans sure did fight hard for the top 2%. This is socialism for the rich.

  • slappywhite Dec 6, 2010

    way to cave barry

  • whatelseisnew Dec 6, 2010

    Amazing that they would once again extend unemployment. Why not get it over with and just label it welfare for life. Where do I sign up?