Obama Confronts Pushback From Democrats Over Tax Deal
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President Barack Obama confronted pushback from fellow Democrats today as he began selling his agreement with congressional Republicans to temporarily sustain all the Bush-era tax cuts.
After almost a week of negotiations between an administration team led by Treasury Secretary Timothy Geithner and budget director Jack Lew, Obama announced last night he’ll accept a deal that would extend current tax rates for high- income taxpayers for two more years in exchange for extending federal unemployment insurance for the long-term jobless and cutting the payroll tax by $120 billion for one year.