Pres. Obama just held a press conference to announce that he and congress have put together a framework for a deal on the tax cuts set to expire on Dec. 31st.
It would seem as if the Republicans will come out ahead on this deal. It calls for a two-year extension of the Bush tax cuts. In exchange the President has announced that in return the Republicans will compromise on extending unemployment benefits for another thirteen months. This of course allows the Republicans to take credit for those extension as well as for retaining the tax cuts for another two years. He also announced a 2% reduction of payroll tax.
The President has said that in this framework for a deal, all of the tax cuts would be extended , including those for the “RICHEST” among us. Though the President did state that he did not approve of this.
We can only assume that the deal also included allowing the President the first shot at the press.
It would seem as if the President just blinked. After holding sway over congress for his first two years in office, this may be this first real defeat. We can only hope that this is only the beginning of things to come next year when the Republicans assume control of the House and exercise more control of the Senate.
We may be seeing the leading edge of turning this country around and away from the leftist march that Pres. Obama has been leading us on. Of course like everything that comes out of D.C. we will have to wait and see what the final product looks like.