Obama and GOP reach deal on two-year extension of Bush tax cuts for all incomes

President Obama Defends Deal on Extending Bush Tax Cuts at Press Conference Video 12/7/10
Visit MSNBC.com for breaking news, world news, and news about The Economy Here is complete video of President Obama speaking to the press today about the deal he has struck with Republicans to extend the Bush Tax Cuts (the current Tax Rates) for all Americans for the next two years. Obama took some questions as well, and strongly defended his actions against attacks from his own party for having compromised with Republicans. Obama said he would fight extension of the tax cuts for wealthy Ameri...

Uniting Behind Fiscal Irresponsibility
Ross: Given the parlous state of The Economy, it makes sense to maintain the low Bush-era Tax Rates, it makes sense to extend Unemployment Benefits, and it makes sense to temporarily drop the Payroll Tax rate … if, that is, our leaders use the time between today and 2012, when this bargain comes up for renegotiation, to make real progress on a strategy for long-term Deficit reduction, joined to a base-broadening, rate-lowering Tax Reform package that renders the Debates over the Bush Tax Cut...

Obamas Tax Cut Damage Control Flops
So the Republicans prevent decoupling of the Tax Cuts, set a 35 percent baseline on the Estate Tax, and extend the tax cuts for two years. And all they had to give up was an extension of Unemployment Insurance. It is no surprise that Grover Norquist is smiling and the President is in damage control, attempting to appease a base that is contemplating a primary challenge. Yet remarkably, after this follow up shellacking, the White House still seems to think that this loss is all just a matter o...

Obama Gets Intense
The White House called a Press Conference today, and Obama the Candidate showed up. After explaining his tax-cut Compromise last night in calm, measured tones, the Obama who came to the podium today spoke with fire and force, offering blunt, cut-and-dried assessments of why he decided to cut a deal with Republicans and renew high-income Bush Tax Cuts for two years (despite promising otherwise on the Campaign Trail), in exchange for extended Unemployment Benefits, a Payroll Tax cut, and other, s...

GOP Largely Dictated The Terms On Obamas Tax Cut Deal; Liberal Democrats Left Seething
Last evening, President Obama announced a framework for an agreement with Republican Congressional negotiators on preventing Tax Increases next year. What’s striking about this agreement, though, is how far Obama moved toward the Republican position and how much frustration this has generated among Liberal Democrats. The Wall Street Journal outlines the deal. “President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend ...

Republicans Force President Obama To Do What's Right
In his Press Conference today, the president insisted that the tax deal forged between the White House and the Congress is what's right for the American People.  The question is why did it take so long for the President to do what's right.  In his press conference, the president correlated the Republicans to being hostage takers and when the hostage is about to be harmed, you must negotiate with the hostage taker.  Contradicting that premise though, the preside...

Tax deal ignores deficit and debt effects
With President Obama and congressional Republicans announcing a potential tax extension deal, the Committee for a Responsible Federal Budget implores lawmakers to incorporate a serious longer-term Deficit reduction plan into the package. A possible package announced last night would extend the Bush Tax Cuts for two years, patch the Alternative Minimum Tax for two years, extend Unemployment Benefits for 13 months, reinstate the Estate Tax at lower levels, cut the Social Security Payroll Tax by...

How the White House cut its deal and lost its base
What were the other possible Tax Cut deals? If you look at the numbers alone, the Tax Cut deal looks to have robbed Republicans blind. The GOP got around $95 billion in tax cuts for wealthy Americans and $30 billion in Estate Tax cuts. Democrats got $120 billion in Payroll-tax cuts, $40 billion in refundable Tax Credits (Earned Income Tax Credit, Child Tax Credit and education tax credits), $56 billion in Unemployment Insurance, and, depending on how you count it, about $180 billion (two-year co...

Obama defends tax deal, says he's kept promises
WASHINGTON (AP) - With fellow Democrats balking, President Barack Obama declared Tuesday that a Compromise with Republicans on Tax Cuts was necessary to help The Economy and protect Recession-weary Americans. He passionately defended his record against Democrats who complain he's breaking campaign promises. "Take a tally. Look at what I promised during the campaign. There's not a single thing that I haven't done or tried to do," the president said. He staunchly defended his decision to deal wi...

Obama defends tax deal, says best for the nation
WASHINGTON (AP) - Facing a Democratic rebellion, President Barack Obama on Tuesday staunchly defended his decision to Compromise with Republicans and temporarily extend about-to-expire Tax Cuts for all Americans. "There are some who would have preferred a protracted political fight," the president said at a White House news conference a day after the deal was announced. "And I understand the desire for a fight. I'm sympathetic to that." But, he said, a long political battle "would be a bad dea...

The latest updates on the Obama-GOP tax cuts compromise
Yesterday President Obama and the Republican leadership agreed to a Compromise which, among other things, extends all the Bush Tax Cuts for the next two years.  The details of what each side gets in the deal can be read here.  Today the deal is being reviewed by Democrats and Republicans in Congress who will ultimately have to approve the plan in order for it to become law.  Republican have come out in support of the plan but Progressives have signaled that they might oppose the d...

Obama Announces Estate Tax Deal With Republicans: 35% Tax Rate And $5 Million Exemption, For Two Years
On December 6, 2010, President Obama announced that a tentative deal has been reached with Republicans to extend the Bush Tax Cuts.  Significantly, the Estate Tax would come back in 2011, but at an exemption and rate that many Republicans have been arguing for. Under the deal, the estate Tax Exemption would be up to $5 million for individuals and $10 million for couples. The Tax Rate would be at 35%.  The exemption and rate would be in effect for two years.  American Farm Bureau F...

President Obama Falsely Claims the GOP Opposed Middle-Class Tax Cuts Video 12/7/10
Here is video from President Obama’s Press Conference today where he falsely claimed that Republicans had opposed extending Tax Cuts on the “middle-class.” Obama made the statement as he said he would oppose extending Tax Cuts for the wealthiest people in 2012, “just as I suspect the Republican Party may fight to end the middle-class Tax Cuts that I have championed, and that they’ve opposed.” Republicans never opposed middle-class Tax Cuts in this battle. In...

Obama Compares Republicans to Hostage-Takers Obama Compares Republicans to Hostage-Takers
During a Press Conference moments ago, President Obama explained his decision to concede to Republican demands to extend the Bush Tax Cuts to those who make more than $250,000 by comparing congressional GOP to hostage-takers: "It's tempting not to negotiate with hostage takers, unless the hostage gets harmed...The hostage was the American People." Last week, Democratic senator Bob Menendez said that negotiating with Republicans on Tax Cuts is "almost" like negotiating with "Terrorists." At the t...

Obama Tax Deal Draws Praise From His Critics in Business Groups
Source: Bloomberg Dec. 7 (Bloomberg) -- President Barack Obama won praise from business groups that have criticized his labor, health and financial regulatory policies after he agreed to extend Tax Cuts for all Americans and cut workers’ Payroll taxes. Obama’s deal with Republicans in Congress to maintain for two years the Bush-era Tax Cuts that are to expire this month and give businesses more write-offs on research and machinery costs will boost The Economy by removing uncertainty that led to..

Obama On Tax Cuts Deal: I'd 'Stick To My Guns' ... 'If There Was Not Collateral Damage'
At his press conference just now, President Obama explained that he was compromising with the Republicans on a two-year extension of the Bush Tax Cuts for the highest incomes, in order to avert the expiration of all the Tax Cuts that would result in across-the-board Tax Increases at a tough time. "Now if there was not Collateral Damage, if this was just a matter of my politics, or being able to persuade the American People to my side, then I would just stick to my guns," said Obama. "Because t...

How Will the House Proceed on Tax Cut Discussions?
The House Democratic Leadership team and the inner-circle of House Speaker Nancy Pelosi are now huddled in her office, trying to figure out the next move. There are differing schools of thought as to how they may proceed. According to a Leadership aide, this "play" is unfolding as it should, with everyone playing their assigned roles. Democrats jumping mad about the deal. GOP embracing it. But the $64,000 question is do they have the votes. And is this the only vehicle with which to move a so-ca...

Obama Defends Tax Deal, Says He's Kept Promises
WASHINGTON — With fellow Democrats balking, President Barack Obama declared Tuesday that a Compromise with Republicans on Tax Cuts was necessary to help The Economy and protect Recession-weary Americans. He passionately defended his record against Democrats who complain he's breaking campaign promises. "Take a tally. Look at what I promised during the campaign. There's not a single thing that I haven't done or tried to do," the president said. He staunchly defended his decision...

Obama defends tax-cut compromise while lashing out at left
President Obama blasting his own party for choosing ideological purity over results Tuesday as he sought to defend the tax-cut deal he negotiated with Republicans. In a surprise news conference at the White House, Obama angrily criticized Liberals who say he caved by compromising with Republicans over the Bush Tax Cuts, telling Democrats that “sanctimonious” outrage does not help the American People. “The New York Times editorial page does not permeate all across America,” Obama sa

Byron York: For All Their Wailing About Obama Selling Out, Congressional Democrats Could Have Passed Their Preferred Tax Cuts -
I used font size 0 to keep this low. I don't really want to give them any ideas. York points out that during the ObamaCare battle, Democrats used reconcilliation, and justified its use by noting that Bush had used that means to pass his Tax Cuts in 2001 and 2003. So, point being, the Democrats could use reconcilliation again to raise taxes on the rich... except for the fact they don't dare piss off the public again. So who's the coward? (There can be more than one coward, of course.) White Hou...

Tax Deal a Sign of Obama's New Normal (The Atlantic Wire)
WASHINGTON, DC – The deal to extend all the Bush Tax Cuts for two years is the first sign of the new normal in Washington in the wake of last month's Midterm Elections, declares The New York Times. President Obama faces Congressional Republicans who are "newly empowered," the Times' David M. Herzenhorn and Jackie Calmes report, as well as an increasingly frustrated Democratic Party as the White House "navigates between a desire to get things done and a retreat from his own positions and ...

Obama taking heat from democrats on Bush tax cuts for wealthy
President Obama is feeling the heat for taking a Compromise deal from Republicans that extend the Bush Tax Cuts to the wealthiest Americans.  House Speaker Nancy Pelosi is not happy with the deal and the Democratic Base is outraged by the Obama surrender.The extension of the Bush Tax Cuts for the wealthy will put an extra $104,000 into the pockets of Millionaires and add $800 billion to the federal Deficit, according to reports. In a statement on Monday, President Obama expressed his concer...

Tax Deal Proves Republican Concern About Business Uncertainty Was A Complete Charade
Tax Deal Proves Republican Concern About Business ‘Uncertainty’ Was A Complete Charade As part of the much-discussed tax deal between Obama and Congressional Republicans, all of the Bush Tax Cuts — including those for the Richest two percent of Americans — will be extended for two years. But for months now, Republicans have been hollering that the one thing American businesses need to start hiring again is certainty. “America’s employers are afraid to invest in an ...

Tax Cut Deal: An Adult Decision
Tax Cut Deal: An Adult Decision Tuesday, 12/7/2010 - 2:56 pm by Bo Cutter | 2 Comments Shaping the future with today’s choices. I said yesterday that I thought the president should accept a deal on tax cuts even if he had to live with the Republican position on keeping them for everyone. The actual deal he negotiated was better than I expected; I hope that — after the inevitable gnashing of teeth — it makes it through the Congress. I’m probably the only person writing on N...

Tax Compromise is a Small Victory; We Need Many More
President Obama’s announcement yesterday that he struck a tax Compromise with Senate Republicans that will temporarily halt the automatic Income Tax hikes that were due to hit all Americans. Although the President announced the Compromise with little excitement, saying he was “sympathetic” to the idea of fighting to raise taxes on high earners instead of striking a deal, the proposed plan is a small win for a sluggish economy that is saddled with 9.8% Unemployment. But we need ma...