President Obama Announces Deal to Continue Bush Tax Policy
In a statement delivered at the White House a few minutes ago, President Obama confirmed the details leaked earlier today about the shape of the compromise to extend Bush income and estate tax policy for another two years in exchange for a thirteen month extension of unemployment benefits and a package of tax cuts designed to stimulate the economy.
President Obama said he "completely disagrees" with the GOP's insistence on extending tax cuts for the wealthy, but he said that given their opposition to extending any tax cuts without including upper-income taxpayers, it was necessary to agree with their demand.
Majorities of both the House and Senate have voted to permanently extend tax cuts for the middle-class, but thanks to a GOP filibuster, the bill died in the Senate. President Obama cited the filibuster as proof that Republicans would not back down on their demands.
Clearly speaking to Democrats, Obama said that standing up to Republicans would have been a symbolic act designed to win a political battle instead of doing the right thing for middle-class families.