Thread: Obama, Rep. reach deal to extend tax cuts, unemployment

http://www.washingtonpost.com/wp-dyn/co ... 05923.html

President Obama and congressional Republicans have agreed to a tentative deal that would extend for two years all the tax breaks set to expire on Dec. 31, continue unemployment benefits for an additional 13 months and cut payroll taxes for workers to encourage employers to start hiring.

The deal has been in the works for more than a week and represents a concession by Obama to political reality: Democrats don't have the votes in Congress to extend only the expiring tax breaks that benefit the middle class. The White House estimates that the proposed agreement would prevent typical families from facing annual tax increases of about $3,000, starting Jan. 1.

Obama was able to extract an agreement from GOP leaders to support an additional 13 months of jobless benefits, a 2 percent employee payroll tax cut and extensions of several tax credits aimed at working families that were included in the stimulus bill...

Tax-cut deal reached between Obama, Republicans
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By Shailagh Murray
Washington Post Staff Writer
Monday, December 6, 2010; 7:02 PM

President Obama and congressional Republicans agreed Monday to a tentative deal that would extend for two years all the Bush-era income tax breaks set to expire on Dec. 31, continue unemployment benefits for an additional 13 months and cut payroll taxes for workers to encourage employers to start hiring.

The deal has been in the works for more than a week and represents a concession by Obama to political reality: Democrats don't have the votes in Congress to extend only the expiring income tax breaks that benefit the middle class. The White House estimates that the proposed agreement would prevent typical families from facing annual tax increases of about $3,000, starting Jan. 1.

Obama was able to extract an agreement from GOP leaders to support an additional 13 months of jobless benefits, a 2 percent employee payroll tax cut and extensions of several tax credits aimed at working families that were included in the stimulus bill.

The deal also would revive the estate tax, but it would exempt inheritances of up to $5 million for individuals and $10 million for couples. Democrats on Capitol Hill are strongly opposed to setting the cap at that high a level and to the 35 percent rate discussed by Obama and Republicans that would apply to the taxable portion of estates.

In brief remarks Monday evening, Obama said he was disappointed that the deal would extend breaks for the wealthiest households, but he warned Democrats not to make good on threats to allow all the cuts to expire, as an expression of the party's opposition to preserving the top-rate cuts. "Sympathetic as I am to those who would prefer a fight to compromise … it would be the wrong thing to do," the president said. "The American people didn't send us here to wage symbolic battles."

The White House is preparing for significant opposition from Democrats and will send Vice President Biden to meet with Senate Democrats on Tuesday. Later on Tuesday, House Democrats are scheduled to discuss the proposed deal.

http://www.washingtonpost.com/wp-dyn/co ... 05923.html

RINO'S held his feet to the fire!!!!

Originally Posted by TakingBackSoCal

RINO'S held his feet to the fire!!!!

You know this means that the deal of the 42 Reps blocking any legislations till the tax issue is resolved ends -- would have been better for blocking the Dream act if this hadn't happened.

By the way REID has still not filed cloture on the Dream Act.

Just reported on Fox news that this is far from a done deal

The rank and file dems are livid
They feel they have been sold out , I see piglosi totally
recommending a no vote on this deal

This also has to go through both the house and the senate for approval

Originally Posted by Justthefacts

Just reported on Fox news that this is far from a done deal

The rank and file dems are livid
They feel they have been sold out , I see piglosi totally
recommending a no vote on this deal

This also has to go through both the house and the senate for approval

I hope the deal falls apart but I doubt it. I think it raises the debt too much and gave too many concessions to the Dems spend liberally and run up the deficit.

I believe extending welfare bennies is keeping illegals in jobs.

These jobs should be for CITIZENS first.