Posted on December 6, 2010

Obama Agrees To Extend All Bush Tax Cuts In Exchange For Unemployment Benefits

"I completely disagree with this," Obama said about Republicans wanting to permanently extend the Bush tax cuts.



"Tax cuts for millionaires and billionaires do little to grow our economy," Obama said.



"I'm not willing to let working class families become collateral damage for political warfare," Obama said of fighting between Democrats and Republicans.



"As much as the political process dictates fighting over compromise, it would be the wrong thing to do," Obama added.



"I won't allow any extension of these tax cuts for the wealthy, even a temporary one, without extending also extending unemployment insurance for Americans who have lost their jobs or additional tax cuts for working families and small businesses," he said.



"If Republicans truly believe we shouldn't raise taxes on anyone while our economy is still recovering from the recession, then surely we shouldn't cut taxes for wealthy people while letting them rise on parents and students and small businesses," Obama said.



"As a result, we have arrived at a framework on a bipartisan agreement. For the next two years, every American family will keep their tax cuts, not just the Bush tax cuts, but those that have been put in place over the last couple of years that are helping parents and students and other folks manage their bills," Obama said tonight.



Obama makes it sound as though in order to give tax cuts for the "wealthy," Republicans will have to give tax cuts to the middle class. This was the original part of the Bush-era tax cut plan.



"Unemployment insurance will be extended for another 13 months," Obama announced.



Obama also said that the break on the estate tax will continue. He says this is a "more generous treatment of the estate tax than I think is wise, or is warranted."