Politics. On Point.

The House and Senate finally approved to extend the payroll tax cut along with unemployment benefits for millions of Americans.  At least for two more months. "I am grateful that the voices of reason have prevailed and Speaker Boehner has agreed to pass the Senate’s bipartisan compromise", said Harry Reid (D-NV), Senate Majority Leader . "Year-long extensions of the payroll tax cut, unemployment insurance and Medicare payments for physicians has always been our goal, and Democrats will not rest until we have passed them." The President, the House and the Senate.  Two days before the Christmas holiday  an agreement is made to extend tax cuts and unemployment benefits for Americans. Said President Obama, before leaving the White House to join his family in Hawaii for the Christmas holiday, "I said it was critical for Congress not to go home without preventing a tax increase on 160 million working Americans, and I'm pleased to say that they've got...

President Obama is expected to sign the Middle Class Tax Cut Bill today in a ceremony at the White House. The bill, with parts the president admits he his opposed to - but is satisfied with, nonetheness -  is expected to grow the economy, create jobs, and help middle class families across the country, ensuring that middle class families won't incur a tax hike at the end of the year. One report explains the measure like this: Tax rates will remain at their current levels -- 10%; 15%; 25%; 28%; 33%; and 35%, based on your income. It also maintains lower tax rates on your investments for the next two years. If you make less than $90,000 a year, the bill provides an extension of the $2,500 credit you've been receiving to help pay for college tuition, which was begun under last year's economic stimulus bill. It will be easier for you to provide for your children. Under the Bush bill, you got a child tax credit of $500. That has now increased to $1,000. ...

The Obama administration has come to somewhat of a happy medium with Republicans on extending both tax cuts - and unemployment benefits - for millions of Americans. Tax Cuts And The Federal Budget The president said during his campaign that he originally planned tax cuts for the 'middle class' (a term that needs further defining in this current economic climate), but has since changed his stance. "It would be a grave injustice to let taxes increase for these Americans right now.  And it would deal a serious blow to our economic recovery", the president said yesterday in remarks to the press. Both parties voted to extend Bush-era tax cuts (for two years) while extending unemployment benefits for 13 months.  Without the tax cuts Americans could see their taxes rise beginning January 1, 2011. "I am not willing to let that happen.  I know there’s some people in my own party and in the other party who would rather prolong this battle...

After weeks (and seemingly months) of rangling between the House and Senate President Obama signed the unemployment insurance extension today. At the signing, the president made these remarks: "Today, I signed the unemployment insurance extension to restore desperately needed assistance to two and a half million Americans who lost their jobs in the recession. After a partisan minority used procedural tactics to block the authorization of this assistance three separate times over the past weeks, Americans who are fighting to find a good job and support their families will finally get the support they need to get back on their feet during these tough economic times. Now it’s time for Congress to act on more proposals that support our economic recovery, including passing critical aid to our states and support to small businesses, continued Obama. Small businesses are the engine of job growth, and measures to cut their taxes and make lending available should not be held hostage to...