Obama's first tax deal victory lap
December 13th, 2010
06:02 PM ET

Obama's first tax deal victory lap

WASHINGTON (CNN) – President Obama made a statement in the White House Brady Press Briefing Room after Obama and Republicans received enough votes to clear a procedural hurdle in the Senate that would allow voting to continue on the tax and benefits package for senators delayed by inclement weather.

"I recognize that folks on both sides of the political spectrum are unhappy with certain parts of the package, and I understand those concerns.  I share some of them," he said.  "But that's the nature of compromise - sacrificing something that each of us cares about to move forward on what matters to all of us."

"Taken as a whole, the bill that the Senate will allow to proceed does some very good things for America’s economy and the American people," Obama said.

Topics: President Obama • Tax cuts • The News • The Visuals

soundoff (One Response)
  1. hsr0601

    1. Future lies in Education & Energy.
    I guess the economic boom in the Clinton-Gore administration was linked to the third wave of IT industry, rather than the triangulation he pulled off.
    ( And he didn't sell out his core value regarding tax, and so on. )
    The forth wave of ET industry, likewise, lies ahead, CA starts to reap the benefits. Regrettably, the reps stand in the way of it.
    2. Guess who will have to foot the bill eventually for paying off the rich ?
    The rest of folks.
    Wait until the new Congress comes back in 2011 and start looking for ways to cut spending to pay for all this $900 billion. They won't target things that affect corporations or the rich, the entire tab will cost the middle class and the elderly. Social security, Medicare, social services, education, will all be impacted.
    3. A one-year reduction in the payroll tax from 6.2 to 4.2 percent will give the reps chance to fight its restoration, endangering Social Security, which the conservative movement has long sought to eradicate.

    4. Currently, American businesses are sitting on approximately $2.3 trillion in reserves, which, of course, could be used to create jobs.
    For instance, hospitals have serious problems with understaffing, not because of the financial squeeze, but because of the cost reduction.
    ( And the understaffing could spark prohibitive ER visits. )
    In an attempt to defend the prodigious windfall, they resort to using the term of socialism or socialists for reformers.
    5. Let me repeat :
    Extreme Capitalism failed entirely in 2008.
    From my perspective, Communism & Extreme Capitalism have several characteristics in common :
    (a). Power First, Corruption at the cost of ordinary people !
    (b). They hate competition, accordingly there is no progress.
    6. Presently, another Bush-era is threatening health care law.

    December 14, 2010 at 2:12 am |