House passes bipartisan tax cut deal, first of Obama administration |
| Christian Science Monitor - Dec 17, 2010 |
Legislation that extends Bush-era tax cuts until 2012, ensures benefits for the unemployed for another 13 months, cuts what workers pay into Social Security by nearly a third for a year, and reins in taxes for business, investors, and heirs to estates – a.k.a. the Obama-Republican tax-cut compromise – cleared its last congressional hurdle Thursday and heads to the president's desk on Friday.
In addition to its practical implications for millions of American taxpayers, the bill marks the advent of a new dialogue between the White House and Republicans on Capitol Hill that, for the first time in the Obama presidency, left Democrats on the sidelines – a harsh new political reality for the outgoing House majority.
Though many liberal House Democrats balked – loudly and fervently – at legislation that would extend tax policy from the Bush years, in the end, House lawmakers late Thursday approved the $858 billion deal intact and on a rare bipartisan vote of 139 Democrats and 138
Read Full Article from Christian Science Monitor
- Posted: 2010-12-17 09:47:00
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