(CNN) - Congressional leaders from both sides of the aisle issued swift responses on the heels of President Barack Obama's announcement that a deal was reached Monday evening with congressional Republicans to extend Bush-era tax cuts.
Jim Manley, spokesman for Senate Majority Leader Harry Reid, said in a statement, "Now that the President has outlined his proposal, Senator Reid plans on discussing it with his caucus tomorrow."
The spokesman for House Minority Leader and incoming Speaker of the House John Boehner released the following: "It's encouraging that the White House is now willing to stop all of the job-killing tax hikes scheduled for January 1. We look forward to discussing this proposal with House Republican Members and the American people."
The proposed plan would extend tax cuts for two years, lower the payroll tax by 2 percentage points for one year and extend unemployment benefits for 13 months.
–CNN's Dana Bash and Deirdre Walsh contributed to this report
The Democrats caved once again. How can the party in power be such wusses? And what's going to happen when they're out of power in January? I hate to think what the Republican Reich will do next. Will giant corporations be running the government? Will the rich use their tax cuts to create jobs, or just buy more stocks and increase their assets? Considering they did the latter with this last tax cut, and did NOT create any jobs, my guess is that they'll just hoard their money, as usual. And all the Joe Sixpacks, who voted the Republican thugs in, can just go scratch. I don't think this was the country our founding fathers had in mind.
The Republican have the best candidate they could have hoped for in 2012, Obama.
Unbelievable. What a bunch of suckers...
John Boehner you don't care want AMERICAN PEOPLE want or the tax cut would all ready be done. All you and the REPUBLICAN care about is PEOPLE that 1,000,000 or more. One of these day or going to wake up and see want most REPUBLICAN ready care about , and It isn't about the middle class and the poor.
Just in........... Average Americans have been sold to the highest bidder! RIP United States of America, the corporations are now your leader...........
Our children and grandchildren should not have to pay for the Sociialism of the rich at the tune of 700 trillion dollars.
Who is standing up for us? Why is the tea party so silent now? Traitors!
If Obama thinks we the people will let this sorry excuse of a deal go through he has another think coming. Shameful.
This is a win for the American people who got out and voted last month. The current congress would have raised taxes and the economy would have reacted with yet more bad unemployment news. The number of people taking a couple more months off to collect yet another unemployment extension may actually be less than the number of jobs saved by avoiding an increase in taxes for the people who create jobs.
Just another republican sell out for the rich and the millionaires and billionaires in this country! Just have the Robert's Court approve more laws letting them buy their power in Washington!
This is just me, but President Obama shouldn't even need to make a deal with the GOP.
I say end the Bush tax cuts, extend Jobless benefits to those who need it most, and give the tax cuts ONLY to middle class citizens.
If a rich person can pay in full for a new car, they can pay their taxes. It will not hurt them since they make that much money in the first place. Why give them a break when they can afford the break? We middle class Americans can't even afford to stay in a house or let alone put food on the table. Times are hard and we need all the help we can get. Since the GOP don't seem to care much about that, Pres. Obama should just pass it without them completely.
1st I am not a tea party enthusiast. I am a social liberal and fiscal conservative. What bothers me is that we are digging a hole that has precedent in "ancient" history. Look at our debt, its is huge by every expert's analysis. What no one talks about is our military indebtedness. I have tried to uncover what our unfunded liability for pensions and medical care for the military amounts to but I have failed to find a figure. It must dwarf our $3.2 trillion in unfunded pension liabilities to state (not federal) employees. But let us imagine a day (not unrealistic) that we do not have the funds to pay for those liabilities to our military retirees. Look back at post Civil War retirees, they took over Washington. Perhaps more concerning, look back to Rome. There the "generals'" ie Augustus and his successors started footing the bill because the state couldn't. We call that the end of the republic. One small warning sign in our immediate history: the leaders in Washington saying we have to ask the military to vote on don't ask don't tell. Regardless on your position on the issue, the military is supposed to do as its told, not to tell the civilian government what policy should be. At the end of the day we are not immune to a military state. General Tommy Franks has stated that given another 9/11 perhaps the military might have to step in. Scary.
Reagan’s former budget director, David Stockman - “In 1985, the wealthiest 5 percent had a net worth of $8 trillion, which is a lot. Today, the top 5 percent have a net worth of $40 trillion,” Stockman says. “The top 5 percent have gained more wealth than the whole human race had created prior to 1980.” Yeah, just what the uber weathy need –another tax break while we in the middle class just try and break even. Disappointed in this compromise (cave-in).
It isn't the best deal or the deal that I would have liked. The question now is will it pass both houses of Congress. I don't know how close it will be to passing, but there is something to be said for it being done.
I am really sorry to hear this from Obama. I would have forced Republicans to vote it down time and again, with minor concessions each time and calibrated it on each occasion with Unemployment extensions and shut down the government. The rich get 2 years the masses get 1 year it's a joke, and read Boehners words " we look forward to discussing this with House Republicans and The American people," mmm, no bipartisan discussions mentioned with democratic congress, who I thought at least still represent some of the people?!
Looks like will be like Russia there will be the NOBLES and PEASANTS!!!! The rich can sit and live off the interest or take jobs overseas. The wealthy tax could go to sociol security. But they want only rich or poor.The tax cuts have been in place and not have produced jobs the last 7 years – whats different now!!! Democrates vito it!!!! hold out- Sold out for 13 months of unemployment?? did not include 99ners!!!!!! I think Obama needs to quit being a sociol worker and be a leader!!!!
The Congressional millionaires want to make sure they continue to get a tax cut they don't need or derserve. Hypocrites all!
I understand why the president did what he did the same way I understand why parents pay ransom for the safe return of their kidnapped child. However, the president and democrats had the moral upper-hand in the issue of extending tax cuts for the rich; trickle down economy never materialized into reality from the Reagan theory...instead, the rich got richer while the middle class remained stagnant at best. Besides the blatant hypocrisy the Republicans expressed on bringing the deficit down, they showed blatant disregard and ignorance to the fact that Tax Cuts are in fact a form of spending and a bail out that they have been so vehemently against. The worst of all, the president had the support of 60-70% of Americans, including the unemployed held hostage by Republicans, they were ready to fight....we were ready for a fight.....and we arrived at the battlefield to find the leader who inspired our courage and bravery to fight is not even there.
This new deal to keep the tax cuts is horrible. The Republicans held hostage the Americans who need unemployment benefits to accommodate the wealthiest. It is exactly what I expect of them but for President Obama to cave to them is truly the tragedy here. Is he tired? Has he quit? What happened to my Change? The Bush tax cuts were wrong when they first went into effect and they are even more wrong now given the state of our economy. The wealthy haven't noticed this recession and can afford to pay their fare share of the tax burden. The policies of the last 10 years have systematically destroyed the middle class and this is one more step to a two class country....the haves and the have nots. America will soon not be a country of plenty but a country of if you can afford it. President Obama I don't get you. You compromised the most important parts out of the health bill and now you are letting these tax cuts to the rich stand? Where the heck is your backbone? If you can't handle the pressure, get out of the way and let someone who can do the job! Call Hillary!
I am so glad that the orange man will stil be able to afford his tanning sessions and those late night bar hoppnig in DC!
Once again, the GOP keeps spreading their lies – "job killing tax hikes" – first of all, the tax cuts have been in place now for a decade, and jobs have only declined in record numbers. Nearly every single economists agrees that supply side economics doesn't work at all, yet Republicans keep pushing it. Secondly, it is not a tax hike. When the GOP proposed the tax cuts 10 years ago, it was only supposed to be temporary. Letting them lapse would restore taxes back to their original levels. More and more Republican lies.
And notice that they extended unemployment benefits 13 months, so that it will end right after Christmas next year. I think the GOP realized they screwed up and looked like a bunch of Scrooges cancelling unemployment right before Christmas. Again, with Republicans its all about manipulating the public.
Then there is the two year extension of the tax cuts. The GOP figures they'll sweep the 2012 elections and be able to make the tax cuts permanent. They'll probably elimante all taxes for the rich, completely deregulate Wall Street, and finally realize their dream of obliterating the middle class and turning America into a plutocracy.
I would like to see proof from Boehner where Bush's"job killing tax" created jobs in the past 10 years, and while he is at it he can proove to everyone where the new job creations will come from .This tax break has proven for a fact, that it has not created jobs in the past, and it has just allowed the rich to take out more personal money for themselves at a lower tax rate then the average Joe ar Jane.It is a complete fabrication by Republicans that this will create any jobs except for their own (Republicans) as they are run by corporations. This only prooves that the idiots that voted these crooks back into the house have with out a doubt put terrorists back in the house and they will keep their agenda of ruining the middle class and say yes to the corporate world and Rush Limbaugh
The President is facing an enormous cmundrum. With the economy in the tank, if he were to let the Bush tax cuts expire taxes would rise for most everyone the economy will take a huge blow at a time itcan least afford it. People will have less money to spend at precisely the time the economy needs them to spend more. However if he extends the tax cuts, the treasury will take ln less revenue which is going to further raise debt already so giantic, America is at the precipice national bankrupsy