Obama Strikes Deal on Bush Tax Cuts and Unemployment

President Obama announced a deal Monday evening to extend the Bush-era tax rates for two years, as well as other tax breaks and unemployment benefits, after Republican and Democratic congressional leaders forged a compromise in meetings with administration officials.

However, the deal to extend the Bush tax cuts even for those making more than $250,000 a year met with criticism from some Democrats who accused the president of giving in to Republican tactics and violating one of his campaign pledges.

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