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Obama and Republicans find common ground on Bush tax cut extension

Which, if this plays out as it's being reported, ought to tick off his base all the more:

White House officials and Congressional Republicans said Sunday they were closing in on a deal to temporarily continue the Bush-era tax cuts at all income levels, while bitterly frustrated Democratic Congressional leaders began exploring whether they would have the votes for such a package.

A day after the Senate rejected President Obama's preferred tax plan, officials said the broad contours of a compromise were in focus.

Rather than extending the tax rates only for people described by Democrats as middle class -- couples earning up to $250,000 a year and individuals up to $200,000 -- the deal would also keep the rates for higher earners, probably for two years. In return, Republicans said they would probably agree to extend jobless aid for the long-term unemployed.

Senior Democrats on Sunday said that they were resigned to defeat in the highly charged tax debate, and they voiced searing frustration.

"We're moving in that direction," Senator Richard J. Durbin of Illinois, the No. 2 Democrat said dejectedly when Bob Schieffer, host of "Face the Nation" on CBS, asked him if the 2001 and 2003 tax rates would be extended even for the wealthy. "And we're only moving there against my judgment," Mr. Durbin added.

In meetings with administration officials after the Senate votes, the House speaker, Nancy Pelosi, and many other House and Senate Democrats voiced deep unhappiness at the prospect of extending all the tax cuts and also expressed their belief that the White House did not appear to be getting enough for such a big concession, officials said.

America is happiest when Nancy Pelosi and many other House and Senate Democrats are not.

If it pans out, we'll take it as a victory.


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Comments (18)

The deal based on the outri... (Below threshold)
hsr0601:

The deal based on the outright lies and supportive Dead Media will lead to another Bush-era & irreversible RECESSION.

 
1. The reps uses the recession as an excuse for tax cuts for the wealthy.
 
THIS IS A MIDDLE CLASS RECESSION.
 
2. The Republican Senate minority leader has been arguing that the outcome of the midterm elections confers a mandate on Congress to extend the Bush-era tax cuts.
"There's bipartisan opposition to raising taxes on anyone at this time."
 
(a). Only 34 percent of Americans believe that tax cuts ought to be extended for those households making more than $250000 a year, according to a new CNN poll.
 
(b). A recent CBS News poll indicated that Only 26 percent indicated they support extending the tax cuts for all Americans regardless of income level
 
(c). In the AP-CNBC poll, 34 percent favor extending the tax cuts for all Americans.
 
(d). A recent Gallup poll found 40 percent favor maintaining the Bush-era tax cuts for all Americans.
 
3. The reps road the waves of deficit reduction just 2 months ago.
 
Now, 2 months later they are set to increase the deficit and increase the governments debt ceiling just so they can give themselves and their rich pals more money.
This isn't what Americans voted for.
 
4. Tax cut for small businesses.
 
A small business bill was blocked for weeks by a republican filibuster in the Senate.
 
5. Tax cut for job creation.
 
(a). There is no evidence that the tax cuts created even a single job.
Back when Bush was pushing his tax cut packages through Congress in 2001 and 2003, supporters said the cuts (which weren't balanced with spending reductions) would initiate an era in which the American economy would grow so robustly the nation would be running a surplus of more than $5 trillion at the scheduled expiration date. U.S. now runs a deficit of about $1.3 trillion.
In fact, the available evidence is the exact opposite:
Former President Bill Clinton left a record surplus and created 20 million jobs, despite the warning of potential economic disaster over tax increase for the wealthiest.
 
(b). Your Waterloo = our windfall.
Even when the economy was on the cusp of entire collapse just like Lehman Brothers ahead of the roll-out of stimulus package, it was held hostage by Audacity of Nope, and the time was running out.
Power first then said : Nope ! How do we pay for it ?, Just let it go under exactly like Lehman Brothers.
 
6. The GOP along with Big Business bought this past midterm election.
The structure that the last champion is authorized to pick the next match winner .
 
The ruling that allowed Corporate money to back Political Candidates destroyed the very fabric of the Elections and Americans are paying dearly for it.
The incessant barrage of negative campaign ads drove most Americans towards something they knew nothing about, the Republican­/Corporate take-over of the US. Millions upon millions were spent to defeat certain Democrats.
 
7. From my perspective, Communism & extreme Capitalism have one thing in common : Power First at the cost of people !

An extension for two years?... (Below threshold)
JSchuler:

An extension for two years? Well, that will do precisely jack and squat. Really, what business is going to come out of the bunker they finished building two years ago for the upcoming tax hike, knowing that a mere two years down the road they're going to be in the exact same position they are now? And in exchange, we'll subsidize unemployment (so we'll get more of it).

Victory? This is spinelessness.

President Obama must be pre... (Below threshold)

President Obama must be prepared for compromises like this but I think if the deficit and debt increase next year he will be the one to shoulder the blame and the Republicans will do anything to point out his mistake.

The Democrats will only be ... (Below threshold)
Bob:

The Democrats will only be happy when everyone who has ever had a job is eligible for life-time unemployment benefits. And with Barry at the helm, there will be plenty of unemployed to cash the benefit checks.

I got about half way throug... (Below threshold)
Oyster:

I got about half way through comment #1 before I got bored and fell asleep. The constant droning of "tax cuts for the rich" does it to me every time.

If the rich that advocate for more taxes for "the rich" want to pay more taxes, they can go right ahead and pay more. Nobody's stopping them. The problem is they refuse to pay more taxes unless they can make everyone else considered rich pay more. "I'm not paying more unless you make that guy pay more, too." Then they hire an army of accountants to find new and creative ways to avoid paying the taxes.

John Kerry STILL hasn't paid the luxury tax on his new yacht. His excuse? They haven't sent him a bill yet. Come on John, be a patriot!

First, no matter how much w... (Below threshold)
DaveD:

First, no matter how much we are taxed by our government it will always spend more than it takes in. If it takes in more, it will spend beyond that. There is no exception to my knowledge.

Second, for a president who is on record believing that if people spend more then the economy will benefit, extending the Bush tax cuts is clearly consistent with his way of thinking. So, why does he resist it?

I also found this article from today interesting as well.
http://www.americanthinker.com/2010/12/lets_compromise_on_taxes.html

Obama has done such a GREAT... (Below threshold)
retired military:

Obama has done such a GREAT job of creating jobs and focusing like a laser beam on the economy (I didnt know we had lasers the size of Texas but hey Obama may know something I dont).

As for comment #1. Maybe if Congress (notice I didnt say Dems or republicans ) would umm ACTUALLY CUT SPENDING then we would not have to worry about how much red ink LETTING PEOPLE KEEP THEIR OWN MONEY would create.

Now that is a novel untried idea.

Interesting. Comment no 1 s... (Below threshold)
Hank:

Interesting. Comment no 1 seems to be everywhere on the net, the beaufortobserver, wallstreetpit.com and cbs. I stopped looking after that. Same comments, same author, same stupid liberal arguments.

Hey hsr0601,Why di... (Below threshold)
Brucepall:

Hey hsr0601,

Why did you stop?

Here let me fix it for you.

8. Raise the minimum wage to 500$ per hour.

Then everybody will be the millionaire they deserve to be. The top tax (b)racket would be the only effective one - and all the lower brackets could be assigned to the scrap heap of history. Everyone would know the thrill of calculating the AMT (alternative minimum tax).

Think about the progressive joy that would sweep across the land as all our tax coffers would be overflowing. There would be enough free money to solve all our pressing social problems! Oh the joy, the thrill, the ecstasy... imagine the excitement of it all!

So Oyster,

What's your problem, dude? Can't you see that hsr0601 is really on to something? Just let it rip - and express how you really FEEL! I mean, come on... what could be wrong with that?

Semper Fidelis -

If the Democrats in Congres... (Below threshold)
GarandFan:

If the Democrats in Congress had any honor, they'd all commit seppuku.

All,I just did a w... (Below threshold)
Brucepall:

All,

I just did a web search on House Resolution 06 01... thinking our hsr0601 poster above might have a sense of humor. Well, perhaps he or she does. Here are the top hits in order:

1) Ron Paul's - Abolish the Income Tax (and Federal Reserve)

2) Charlie Rangle's - Second Chance Act

3) Non-Stop (Space) Flight Act

4) Comfort Women (Canadian Lower House Resolution)

Is this "Projection," "Transference," or what?

Bwhahahahaha!

Semper Fidelis-

"Obama and Republicans find... (Below threshold)
914:

"Obama and Republicans find common ground on Bush tax cut extension"

In other words, Barry has seen the light and fears for his job. It would have been easier for the reps to pick a good conservative in 2008 and avoid playing these games with ole' jug ears.


"the Republican­/Corporate take-over of the US. Millions upon millions were spent to defeat certain Democrats."


Good! I feel no pity for those demorats.

Leftists like #1 like to po... (Below threshold)
jim m:

Leftists like #1 like to point out that the deficit increased under Bush but they never point to revenues, which also increased. Taxes were cut and revenues increased. We have seen this before multiple times. The left never seems to learn that lesson.

Yes the deficit went up but that is an issue of overspending. obama certainly knows how to overspend. The issue is that he doesn't know how to grow revenue.

In a consumer driven economy the best thing you can do is to leave more money in the hands of consumers. You can't cut taxes for the poor because they don't pay any. So we cut taxes on those who do pay. Since the fraction of the population that pays taxes keeps shrinking that increasingly means that any tax cut is by definition a cut for the wealthy since they are just about the only people who pay taxes.

Someday the left will actually look at the consequences of their policies and come to the realization that they are all a bunch of Utopian crap. I'm not holding my breath.

JS:"Really, what business i... (Below threshold)
Les Nessman:

JS:"Really, what business is going to come out of the bunker they finished building two years ago for the upcoming tax hike, knowing that a mere two years down the road they're going to be in the exact same position they are now?"

Exactly.

This isn't a 'victory'. At best it's a wash. And if we can't get a victory on this, at this time so soon after the tsunami of pro-TP/anti-Dem elections, then that is a troubling omen.
The only mitigating factor is that this is still the Dem-dominated, lame duck Congress. The true test will come in January with the new House.

The dem's are still in deni... (Below threshold)
WildWillie:

The dem's are still in denial about the last election. They are either purposely ignoring the will of america or stupid. I say both. ww

This definitely bodes well ... (Below threshold)
Tsar Nicholas II:

This definitely bodes well for the next Congress. If Obama already is caving to 41 GOP Senators and 176 GOP Reps. then obviously he'll be caving quite often to 47 / 242+. Alas, if the irrational right hadn't thrown away the Senate there'd be room for additional progress next year, but that's a topic for another day and time.

TNII:"Alas, if the irration... (Below threshold)
Les Nessman:

TNII:"Alas, if the irrational right hadn't thrown away the Senate.."

(rolls eyes) Give it a rest already.

The Tea Party had a lot of gains and a few losses. They also brought almost all of the energetic force that made the elections an overwhelming shellacking. Not bad for a movement that is not even 2 years old.

What did your RINOs/moderates/ruling-class GOP bring? Not much. In fact, in some cases they were an actual drag on the GOP brand.

TSAR Moderate GOP had thei... (Below threshold)
hcddbz:

TSAR Moderate GOP had their favored Son McCain. He was moderate and worked well with Dems supported Campaign Finance reform, Comprehensive immigration reform, was against enhances interrogation and did the whole Tax cut for the rich. That gave us BHO. Moderates are an albatross. Besides once the RHINO get in the vote with Dem so a victory of them is vote for Dem anyway. Without Rhino esp gang of 14 somethings could not have come to pass.

I say thank you Tea Party 60 seats is not joke.




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