President Barack Obama speaks about the U.S. economy to local business leaders and students and faculty at Forsyth County Technical Community College in Winston-Salem, N.C., on Monday, Dec. 6, 2010. (AP Photo/The News & Observer, Shawn …
WASHINGTON (AP) - Brushing past Democratic opposition, President Barack Obama announced an agreement with Republicans Monday night to extend expiring tax cuts for all Americans, renew jobless benefits and grant a one-year reduction in Social Security taxes for millions.
The emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades.
Obama said there were elements of the deal he personally opposed, including an extension of expiring income tax cuts at upper income levels and a more generous deal on estates. But he said he decided that an agreement with Republicans was more important that a stalemate that would have resulted in higher income taxes at all income levels on Jan. 1.
"Make no mistake, allowing taxes to go up on all Americans would have raised taxes by $3,000 for a typical American family and that could cost our economy well over a million jobs," he said at the White House.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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