President Barack Obama is defending his compromise with Republicans to extend tax cuts that began under his predecessor, George W. Bush. Most criticism of the deal has come from the President's own Democratic Party.At a hastily-arranged news conference Tuesday, President Obama gave an unusually emotional response to fellow Democrats who say he gave in too quickly to Republicans on the tax issue.The President agreed with Republicans to extend for two years the Bush-era tax cuts for all Americans, including the wealthiest two percent. The deal would also continue unemployment benefits for 13 months and reduce payroll taxes for workers to encourage employers to start hiring.Analysts say the deal could cost an estimated $900 billion over the next two years.
News On AIR | December 8, 2010 9:43 AM
Obama defends tax cuts