Obama, GOP reach deal to extend tax cuts

Obama's own party is hoping he fails.

They are worse than Rush Limbaugh !

The problem with that theory is that in a compromise, you get something in return. Pres. Obama has simply given the republicans what they want without getting anything in return time and time again. That's NOT compromise.

Time and time again? What the hell are you talking about? Ramming Porkulus, the health care bill, the new wall street bill, Tarp 2 down the throats of Americans, without a single Republican vote is what? Giving Republicans what they want? And this time, Republicans are caving on extending unemployment for another year. Its already 2 years now, its going to 3. Its costing billions to continue to pay these people to remain unemployed. Its nothing more or less then a paid vacation. No, the winners are the Dems once again, as Republicans cave under pressure. Hopefully the incoming congress has more balls then the current one.

Superlib,

I think Obama lost the battle to win the war, probably to set things up for 2012. He probably wants to create a record where he can say that he compromised with Republicans on some issues that he can sell to the public.

The problem with that theory is that in a compromise, you get something in return. Pres. Obama has simply given the republicans what they want without getting anything in return time and time again. That's NOT compromise.

Taka

Obama had no choice but to agree with the Republicans because they threaten to block any suggestion from his party.

You don't really understand US politics, do you?

Obama had no choice but to agree with the Republicans because they threaten to block any suggestion from his party.

Partisan Dem websites are already talking about the '12 primary and how Obama, once their Savior, now needs a challenger. A challenger, dammit !

I'm hoping it will be Kucinich.

The class war schtick was exciting for Obama when growing up, going through his indoctrination, and learning the Alinsky rules for imposing socialism step by step by "community organizing" - of the poor and the disaffected and those who still identify tribally - but for the rest of the country, a bit more astute about the link between economics and freedom, it was seen for the sham it was. Obama's handlers got that message to him and he reluctantly heeded it.

I think Obama lost the battle to win the war, probably to set things up for 2012. He probably wants to create a record where he can say that he compromised with Republicans on some issues that he can sell to the public. With Republicans being Republicans and refusing to compromise on anything Obama's argument about blaming them for government gridlock might actually have some legs when the time comes.

He freaking caved. I am so disgusted.

Taka

Officials said that under the plan, unemployment benefits would remain in effect through the end of next year for workers who have been laid off for more than 26 weeks and less than 99 weeks. Without an extension, two million individuals would have lost their benefits over the holidays, the White House said, and seven million would have done so by the end of next year.

OMG, its never going to end. 10 years from now, there will still be people who remain unemployed, not because they can't get work, but because the benefits are more then they would make for most jobs. So they continue to get an extended, paid vacation. Do away with the damn thing. 2 years is already too long. Adding another year on top of that, is not going to help.

One good thing about the rest of the states that changed from Dem to Rep in the last elections, their state governments will be less inclined to raise their local taxes, except in CA. They normally go on the principle that if you Fed taxes are lowered, they somehow enact more state taxes to recoup the money that you are getting back.

I agree with you, particularly on California. Theres a reason they're calling it the land of the fruits and nuts. The states completely suicidal. Passing and insisting on job killing laws, and taxes. Theres a reason why this census, is the first time that California won't be gaining a seat. In fact, if things keep going the way they have been, expect them to lose at least one in 2020.

skipthesong I've never alluded to my income as 6 figure. I'm a federal retiree on a fixed income now.

We're deep indebt, deficit growing and war for another 10 years. The cost has to be paid. Borrowing $4Trillion to pay these tax breaks is asinine. < :-)

Right wing trolls seem to be gleefull, even though it's hard to agree with the hated Obama.

Glen Reynolds is right -

"The more I watch this administration at work, the more I think we’re seeing the first Nigel Tufnel presidency. Nigel Tufnel, many will remember, was the fictitious heavy metal guitarist in the fictional rockumentary ‘This Is Spinal Tap.’ In a classic scene, he displays his guitar collection and his special amplifier that — unlike all other amplifiers in existence — has knobs that go all the way up to 11, instead of just 10."

Obama broke his promise to "Get rid of those tax cuts for the Rich", while the republicans honored their promise to "Not raise taxes on any American".

What's even more delicious is that Obama agreed to a two-year extension of the tax cuts; meaning, the party he leads will likely be campaigning on raising taxes in 2012. Yet, another perfect recipe for massive democrat losses.

RR

Repubs are in the minority but Obama decided he had better side with them.

The class warfare crap ain't sticking.

A Capitol Hill aide described Sen. Majority Leader Harry Reid’s demeanor upon returning from the White House:

"He looked like someone shot his dog."

Another busted lip for Obama.

Its not like they're giving money to anyone, they're letting us keep what what make, well, a little bit.

@skipthesong: Excellent comment!

Funny how they take out the Social Security tax, saying it is for your future, but yet they can tell you how much they will give you and when you can get it.

“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.

I am glad he said this. For too long his party kept saying that those numbers were just "smoke and mirror" tactics from the Rep. I am not a high six figure earner, and I paid a lot of taxes last year, but anything that can save me $3K on my tax burden is a relief.

One good thing about the rest of the states that changed from Dem to Rep in the last elections, their state governments will be less inclined to raise their local taxes, except in CA. They normally go on the principle that if you Fed taxes are lowered, they somehow enact more state taxes to recoup the money that you are getting back.

My recommendation, lower taxes, and let's start cutting some of the spending that is unnecessary.

At the same time, it signaled the arrival of a new era of divided government following midterm elections in which Republicans won control of the House and strengthened their hand in the Senate.

Now that the other kids are finally allowed to play, there will be squabbles...

GJ, instead of ranting about it, can you explain it to us non-ivory league school types?

Its not like they're giving money to anyone, they're letting us keep what what make, well, a little bit. Personally, I'm tired of paying taxes to the US and Japan. its hard to imagine that taxes are the hardest things we have to deal with in both businesses we have.

Now, if you were to say to an entire sweep out of the federal government with all their employees and setup a new system, maybe I'd think different.

You can pay me now, or you can pay me later, as they say." if things keep going the way they are, I won't be able to pay later so I'll take that.

Totally predictable cave-in, and economically stupid as well.

Is there not a single person left in the US government who understands how economies and monetary systems actually work? Or are they all just errand boys for the suicidal American financial elite?

You can pay me now, or you can pay me later, as they say.

aday: you've lamented here that you're a six figure guy and don't mind paying more, so send in your checks if you want to pay more. bottom line that those who've made 250k and are making half that this year can rest assured that their taxes are not going up and maybe reach out and hire a guy or two... I, like you if you told me the truth, know what's its like to hire and fire people and what we need. What we didn't need was the Dems plan, except Shumer's which was still a bit off given how much the economy has tanked for many (not all).

Extending the unemployment benefits - how much longer do they need to be extended?

Obama extended the "Bush Tax cuts" and today Gallup reports Bush's approval rating is now higher than that of Obama's.

You can read about it at Politico -

George W. Bush’s job approval rating as president has spiked to 47 percent, according to a Gallup poll released Monday.

That’s 1 point higher than President Barack Obama’s job approval rating in a poll taken the same week. This is the first time Gallup asked Americans to retrospectively rate Bush’s job performance. And it was a stunning turnaround from his low point of 25 percent in November 2008. The 47 percent number is 13 points higher than the last Gallup poll taken before Bush left office in 2009 and the highest rating for him since before Hurricane Katrina in 2005.

I think the Left in America is in full, spoon-banging meltdown...

Republicans graciously accept the climb-down by Obama and the Democrats.

Looks like Obama and the Dems are coming to terms with the shellacking they took last month.

It takes a big man to admit he is a lame duck and ironically Obama looks more presidential for it - though in a strictly ceremonial sense of the word, of course.

I watched Obama's short and highly partisan press conference a little while ago. He folded like a cheap suit to Republicans. I am pretty shocked at how easily he rolled over. He complained about the upper income tax cuts on the basis that they would add to the annual deficit - but then got a continuation of his own tax cuts that were to expire at the end of the year and over one years worth of additional unemployment payments! Each side got the goodies they wanted but neither side was willing to make any tough choices regarding deficit spending. Pathetic!

I'm extremely disappointed in this. They'd had passed unemployment insurance extension, there are republicans that are out of jobs too.

This sucks. < :-)