Bowing to Republican pressure and low poll numbers, President Obama agreed Monday to a plan that would keep in place all current tax breaks, including those for the wealthiest Americans.

In 2008, candidate Obama vowed to repeal Bush-era tax cuts for incomes above $250,000. But with Republicans soon to be in control of the House of Representatives and the president’s popularity at an all-time low, the White House struck a deal.

In return, Republican agreed to extend tax cuts for those making less than $250,000, as well as to extend benefits for the long-term unemployed.

"Sympathetic as I am to those who prefer a fight over compromise, as much as the political wisdom may dictate fighting over solving problems, it would be the wrong thing to do."

"I'm not willing to let working families across this country become collateral damage for political warfare here in Washington," he said.

Republican leaders were pleased. Some Democrats, however, expressed disappointment.

The agreement calls for current tax breaks to be kept in place until 2010 – ending the year Obama faces re-election.

Read more at AJC.com.

Got news to share with Qcity readers? Email us at editor@qcitymetro.com.
Sign up for our weekly email newsletter below.

Sign up for our Weekly Email Newsletter Email: For Email Marketing you can trust

Other Ways to Share Twitter Del.icio.us MySpace

Discussions and Submission Agreement