Tax Cut Deal: White House, GOP Leaders Close To Agreement
UPDATE: President Barack Obama announced "a framework for a bipartisan agreement" Monday night over the impending expiration of the Bush tax cuts.
Addressing the press after having discussed the arrangement with congressional Democratic leadership, Obama said he was unwilling to let "working families" become "collateral damage for political warfare here in Washington." He also stressed that his preference remained to let the rates for the wealthy expire. But Republicans wouldn't budge from their perch, he added. And securing a 13-month extension of unemployment benefits and other administration-favored tax credits in exchange for a two-year extension of all rates was, Obama stressed, a decent deal to make.
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