Obama And GOP Reach Deal On Bush-Era Tax Extensions


Obama and GOP reach deal on Bush-era tax extensionsPresident Barack Obama and Republican leaders have reached a deal on extending tax cuts for all Americans. The compromise, which is facing resistance from Democrats, still has to be approved by Congress.

According to media reports, the agreement between Obama and the GOP would extend the Bush-era tax cuts for two years and is expected to cost the Federal government between $600 billion and $800 billion. Obama originally sought an extension for only low- and middle-income families, but legislative proposals that excluded the wealthiest earners were rejected by Senate Republicans.

In an effort to get the tax breaks passed before they expire on Dec. 31, Obama said that concessions had to be made. As part of the deal, Republicans agreed to vote to extend Federal unemployment benefits and to lower the payroll tax from 6.2 to 4.2 percent.

"Obviously, we don't like the part we think we've had to give," Senator Jon Kyl (R-Ariz.) told NBC News. "On the other hand, it is true that this issue has to be resolved now. And we think it's being resolved — all else being equal — in a positive way. So I think, without speaking for all of my colleagues, I can say that there was general positive reaction to the agreement." 

Personal Liberty

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.