December 6th, 2010
06:45 PM ET
8 years ago

BREAKING: Obama announces tax deal with GOP

(CNN)–President Barack Obama on Monday announced a deal with congressional Republicans that would extend extend Bush-era tax cuts for two years and unemployment benefits for 13 months while also lowering the payroll tax by 2 percentage points for a year.

Filed under: Taxes
soundoff (27 Responses)
  1. Tiffany

    Well, he's lost me. I canNOT believe the democrats have caved and are now siding with those who only stand for corporate greed and tax cuts for the wealthiest! Disgusting. Mr Obama – i'm ashamed i ever voted for you!

    December 6, 2010 06:54 pm at 6:54 pm |
  2. NameLA

    Great. Tax break for the wealthy that's not paid for. GOP business as usual.

    December 6, 2010 06:54 pm at 6:54 pm |
  3. Nick

    We're never going to get out of the hole, are we?

    December 6, 2010 06:55 pm at 6:55 pm |
  4. They ought to change from the elephant to the hippo...

    Unbelievable. If we don't have the money to pay for unemployments benefits, how can we afford to give tax breaks to anyone?

    And when you put a snake in your pocket, do you expect not to get bit? Why would you trust these extortionists? When have they honestly dealt with you?

    December 6, 2010 06:59 pm at 6:59 pm |
  5. Betty

    Begala just said (while on The Situation Room) that the payroll tax cut will put another $2000 in the pocket of a couple earning 450,000 and that will create jobs.

    (yes he actually said that and no one said a word)

    Please ask him how that creates jobs?

    Is that couple going to take the $2000 and hire someone? Give me a break.

    We all know who creates jobs and it isn't anyone earning $50,000 a year and a Payroll tax cut is not going to creat a job(s).

    December 6, 2010 07:00 pm at 7:00 pm |
  6. Betty

    correction to previous post- supposed to read $50,000 not 450,000.

    December 6, 2010 07:01 pm at 7:01 pm |
  7. @Omegaraiel (twitter)

    Doesn't seem like a compromise to me. The dems are folding.

    December 6, 2010 07:04 pm at 7:04 pm |
  8. Four and The Door

    This is a very good compromise that they have worked out. It's not very productive to extend unemployment out so far, but still, avoiding any tax increases will at least have a positive affect on unemployment numbers and so will the break on payroll taxes. We may begin to see some real progress from Washington over the next 2 years.

    December 6, 2010 07:07 pm at 7:07 pm |
  9. Robert Herbst

    Raising taxes on the highest 2% income earners will create jobs. These wealthy people are smart, greedy and have resources. If money is taken away from them, they will do what is needed to replace that money. By nature these people will not settle for less–they will replace there lost revenues. They will invest, they will get their money back, and more, because they can.

    December 6, 2010 07:18 pm at 7:18 pm |
  10. GonzoinHouston

    Hmm, the actions of the GOP are revealing. First they shoot down a tax cut for 98% of the people because it doesn't include a break for the richest 2%. Then they go back on their own stated principles and promises and approve an extension of "Obama's big-government nanny-state out-of-control spending us into the ground etc, etc". So they choose to serve the richest 2% instead of the 98% and their own principles. But they do serve that top 2% well, don't they?

    December 6, 2010 07:24 pm at 7:24 pm |
  11. keepstuffingthis

    I have never heard a more ungracious, partisan announcement of what is supposed to be a partisan deal from a president. This jerk really has no dignity or grace and is just another class warfare supporter rather than a healer. What a jerk. How about having all of his supporters actually pay taxes for a change. What a bunch of crap, cut the teachers unions off their Viagara rather than blast Republicans for trying to create jobs. None of the Obozo supporters will take a job if it is offered, the are getting rich off all of the government benefits they get.

    December 6, 2010 07:26 pm at 7:26 pm |
  12. Raider Nation

    When will you blue collar republicans wake up!!!.....The republicans are fighting tooth and nail for the RICH MILLIONIARE AND BILLIONAIRE republicans....They couldn't give a rats ass about the middle class.....Blue collar republicans have no business being republican.....THEY LIE !!!...and you have been fooled again. Mr John Boner and Mitch Mcconnell Have said tax cuts for the rich because they are the JOB CREATORS , and can't create jobs without the tax cut extension.....well we've had these tax cuts for the last 8 yrs thanks to the worst president in U.S ARE THE JOBS, REPUBLICAN MILLIONAIRES AND BILLIONAIRES?......YOU FLIPPIN LIE!! THE REPUBLICAN CONGRESS FIGHT FOR THE RICH ONLY.......WAKE UP PEOPLE!!!

    December 6, 2010 07:26 pm at 7:26 pm |
  13. JC

    About time the chief got the message. The continued stupidity of the ill informed and inexperienced on job creation. Jobs are not created by those who receive unemployment.

    December 6, 2010 07:27 pm at 7:27 pm |
  14. Bob Weil

    Don't blame Obama! He's unwilling to starve the many in order to continue to fight to make the rich pay more reasonable taxes. (Nowhere near what they paid under, say Eisenhower).
    Once again, the GOP has held the welfare of most Americans hostage – in order to further fatten the wallets of the ultra rich. Trickle-down economics just don't work and the Republicans clearly only spouted "Deficit Reduction" and "our childrens debt" as campaign slogans – but they were eager to starve middle America (& the economy) in order to continue further tax breaks for the rich; who already get the same break on their first $250k as the rest of us.
    Even Warren Buffett wonders why he pays a lower tax rate than his chauffeur!
    Don't lay the blame on the POTUS for compromising – but on the conscienceless party that forced the situation.

    December 6, 2010 07:41 pm at 7:41 pm |
  15. T'sah from Virginia

    BIG CORPs will hire now because they have NO CHOICE!!

    1. They paid the RepubliCAN'Ts in campaign funds to get what they want – and they got it!
    2. This allows the BIG CORPs to keep the billions/trillions they already have and then they get an additional CUT brought to you by the RepubliCAN'Ts
    3. If JOBS do not come back – President Obama will be BLAMED!!
    4. If JOBS come back – the RepubliCAN'Ts will get the credit and they will CONTINUE to bash the President!
    5. The Democrats are caught between a ROCK and a HARD PLACE. If they DO NOT vote for it and JOBS do return – they LOSE in 2012. If they vote FOR IT and jobs don't come back – they LOSE in 2012 on the Democrat side!!

    We should have stuck to our guns – We had enough to campaign against the RepubliCAN'Ts on the simple fact that they held the unemployment payments HOSTAGE to get their way!

    They will have NO mercy on President Obama. They will repeal the Health Care; they will not pass DADT; they will NOT pass the Dream Act; when the two years is up, they will continue to FIGHT to keep the extension of tax cuts – WE SHOULD HOLD OUR GROUNDS!!!

    I am so upset right now but I am NOT going to RAG on the President!! Maybe he has NO PLANS to run in 2012 anyway and the RepubliCAN’Ts can just BEAT UP on themselves!!!!

    December 6, 2010 07:43 pm at 7:43 pm |
  16. PalmReader

    Let's give credit where credit is due, and focus our anger on those who most caused this miserable decision - the blood sucking Republicans and their ultra rich donors. Holding hostage millions of unemployed to benefit thousands of millionaires is beyond contempt.

    December 6, 2010 07:43 pm at 7:43 pm |
  17. IVOTE

    Great move President Obama. You really have a heart beating inside and truly believe in the welfare of the middle class workers.

    December 6, 2010 07:45 pm at 7:45 pm |
  18. Leah

    I can't believe the GOP! Republicans whine and whine about the deficit and here they are willing to hold unemployment benefits hostage so that rich people can pay lower taxes!!?? For all their spin about fiscal conservativeness, republican's are bigger spenders than the dems and if this ship sinks, i am totally blaming them.

    December 6, 2010 07:49 pm at 7:49 pm |
  19. Dustin

    Great! Less funding for a government that spends more every year! More deficits to contribute to our giant debt! More irresponsible decisions from both parties! Isn't politics grand!

    December 6, 2010 07:53 pm at 7:53 pm |
  20. Max

    Its really too bad that after all this banter about helping jobs and government fiscal responsibility the republican party refuses to make any compromises and makes a fiscally irresponsible decision to protect the ultra wealthy, a decision whose supposed help for jobs and the economy is theoretical at best and a complete joke at worst. So much for republican campaign promises. Lets just hope they dont drive us into a double-dip recession.

    December 6, 2010 08:07 pm at 8:07 pm |
  21. John Murray

    I consider myself a Yellow-Dog Democrat, but today I realized I could no longer support this President. My President has to have a backbone. I can't vote republican, so I will just stay home next election.

    December 6, 2010 08:07 pm at 8:07 pm |
  22. David

    So they agreed to take in less revenue and spend more? Are you serious? Republicans are total hypocrites and Obama caves to anything they demand.

    December 6, 2010 08:08 pm at 8:08 pm |
  23. jackie wilson

    What do we have to do as citizens, to make this government listen to us. More debt so we can extend tax credits for the top precent of the rich. Well, have things changed in Congress. I can hardly recognize who is screwing us the most. I am really going to have to pay attention to see who is working for us, the ordinary citizen. I looked and it is no one. President Obama you let us down again.

    December 6, 2010 08:09 pm at 8:09 pm |
  24. C. Harris

    The President has to think of us first. the unemployment extension was more important. congress is going on vacation, the extension runs out in janurary. people could loose their homes or go hungry. wealthy people don't think about this. the new republican who said" they(unemployed people) need to get off their butts and find a job" is VERY out of touch.

    December 6, 2010 08:18 pm at 8:18 pm |
  25. Erik

    Awesome looks like we are really taking that deficit problem seriously...Obama and the republicans made a deal that requires our kids/grandiose to pay!

    December 6, 2010 08:23 pm at 8:23 pm |
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