Monday, December 6, 2010

Amid GOP Threats, White House Announces Deal To Extend Income Tax Cuts 2 Years, Unemployment Benefits 1 Year

Washington - At 6:45 p.m. On Monday, Dec. 6, President Barack Obama returned from a speaking engagement in North Carolina and had reporters summonded to the White House to announce a deal has been struck to extend Bush-era tax cuts for two years and to fund unemployment benefits extensions for one year.

Senate staffers who spoke only on condition of anonymity said the deal will be formally approved in the next 24 to 48 hours.

The President said it was time reach an agreement on the Bush tax cuts “even if it’s not 100 percent of what I want” or what Republicans want.

Such liberal Senators as Tom Harkin, (D-IA), said lawmakers from the left side of the aisle should let Republicans make good on their threats to shut down the government if the tax cuts are not made permanent and made available to all, including those who report income of more than $250,000 per year.

The announcement came after an unprecedented appearance on "60 Minutes" by Federal Reserve Board of Governors Chairman Ben Bernanke, who predicted economic disaster and a reversal of the first signs of recovery if all funds such as unemployment benefits are cut off this year and income tax rates are allowed to revert to the rates they at which they were set prior to the Bush Administration in 2001.

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