US president Barak Obama said last night that he agreed to extend all expiring income-tax cuts two years, as Republicans wanted, in return for advancing jobless benefits and cutting payroll taxes.
It is very impotent decision, because the tax cuts are due to expire at the end of the year and rates for many Americans could increase in January unless Congress takes action before it adjourns later this month.
The president said that he opposes extending the tax cuts for the wealthiest earners, and faced repeated questions about why he did not stick to that position. He said too many Americans would suffer if he refused to bend to Republicans, who were demanding the cuts be extended.
“I’m not here to play games with the American people or the health of our economy,” he said in the 30-minute news conference. “My job is to do whatever I can to get this economy moving. My job is to do whatever I can to spur job creation. My job is to look out for middle-class families who are struggling right now to get by, and Americans who are out of work through no fault of their own.”