Obama, GOP reach deal to extend tax cuts

Combing past Democratic antagonism, President Barack Obama announce conformity with Republicans Monday night on a plan to make longer expiring income tax cuts for all Americans, repair jobless payback for the long-term out of work and grant a one-year lessening in Social Security taxes.

The up-and-coming agreement also includes tax breaks for businesses that the president said would donate to the economy's revival from the worst depression in eight decades.

Obama's statement marked a dramatic reversal of his long-held insistence, at first laid out in his 2008 campaign, that tax cuts should only be comprehensive at incomes up to $200,000 for those and $250,000 for couples. He explained his about-face by saying that he still opposed the move and noted the concord called for a temporary, two-year addition of cuts at all income levels, not the eternal rekindling that Republicans have long sought.

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