Monday, December 06, 2010

Unemployment Benefits Will be Extended for 13 Months

Obama says a bipartisan deal has been reached. He says unemployment benefits will be extended for 13 months. Also, The Earned Income Tax Credit, the Child Tax Credit and the American Opportunity Tax Credit will be extended. Tax cuts for everyone will be extended.
Obama says there are things in the deal he doesn't like, but the not-rich need tax cuts extended and the unemployed need their benefits extended.
He said there are plenty on the left and the right that still want to play politics but he put compromise over politics. Watch video here.
Read the details of the deal here. People should note who Obama & the democrats fought for and who the republicans fought for.
Liberals on Twitter are having a cow because they didn't think Obama should compromise. Obama didn't have enough democrats to pass only the middle class tax cuts. The dirty secret is that many democrats wanted tax cuts extended for all. Obama essentially took the hit for the democrats.
Anyway, here's news to most people:
The Obama administration cut taxes for middle-class Americans, expects to make a profit on the hundreds of billions of dollars spent to rescue Wall Street banks and has overseen an economy that has grown for the past four quarters. Most voters don't believe it. A Bloomberg National Poll conducted Oct. 24-26 finds that by a two-to-one margin, likely voters in the Nov. 2 midterm elections think taxes have gone up, the economy has shrunk, and the billions lent to banks as part of the Troubled Asset Relief Program won't be recovered. Read the rest at WaPo