President tacks on jobless benefits, 1-year Social Security tax reduction
(AP) - Brushing past Democratic opposition, President Obama tonight announced agreement with Republicans to extend expiring tax cuts for all Americans, renew jobless benefits, and grant a one-year reduction in Social Security taxes for millions. The agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery. "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," Obama said. More»