But the president faces strong opposition from his own party. Democrats object to keeping tax cuts for the rich at a time when the government is struggling with deep budget deficits.
The extension of the tax cuts for the wealthiest Americans is expected to cost about eighty billion dollars over two years. The deal also includes tax cuts aimed at middle income Americans and businesses.
The House of Representatives and Senate will have to approve the proposal. Senate Minority Leader Mitch McConnell says Republicans support the deal.
MITCH MCCONNELL: "I think the vast majority of the Republican caucus in the Senate feel that this is a step in the right direction, an important step to take for the American people.”
Before the agreement, Senate Republicans had threatened to block other measures unless the tax cuts for the richest Americans were extended.
Some Democrats were disappointed that President Obama agreed to the compromise. In two thousand eight, he campaigned on the promise that he would continue tax cuts for the middle class. But he proposed to raise income taxes on families reporting two hundred fifty thousand dollars or more in taxable income.
And that’s the VOA Special English Economics Report, written by Mario Ritter. Our programs are online with transcripts and MP3 files at voaspecialenglish.com. And you can find us on Twitter, Facebook and YouTube at VOA Learning English. I’m Steve Ember.
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2013-11-25
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