Today, President Obama announced that Bush era tax cuts will be extended for two years, that unemployment benefits will be available for 13 months, and that payroll tax will be lowered by 2% for one year (CNN). Congressional Republicans embraced this deal by showing confidence in how the two parties could work together on Capitol Hill (New York Times), while retiring Ohio Republican Senator George Voinovich assertively opposed this deal (Washington Post). This package will cost $900 billion for the next two years, adding to the budget deficit. President Obama thought this deal is an important step to stop this political fight, which he thought would be an obstacle for the recovery of the current recession.
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