President Barack Obama attempts to win fans for his tax-cut plan during a speech at the White House on Wednesday.
In Internet-ese, one possible response to a couple of President Obama’s more intriguing justifications on Friday for the passing of the contentious tax-cut bill might be O RLY? This is because the president declared later that same day that the new law will “protect the middle class, grow our economy ... and create jobs for the American people.”
Meanwhile, Reuters characterized the enacted legislation as “a grab bag of goodies for investors, the affluent and workers, but the richer you are the more you get.” —KA
Obama, who at one time also opposed tax cut extensions for the wealthy, said he had to accept things he didn’t like in order to avoid tax hikes for all Americans, many of whom are already struggling in a bad economy.
The agreement also includes items that Republicans don’t like, Obama said, and “that’s the nature of compromise.”
Obama stressed the items he negotiated into the bill, including a 13-month extension of unemployment benefits, as well as middle class tax cuts devoted to such items as college tuition, child care, and business expansions.
“That’s how we’re going to spark demand and spur hiring,” Obama said.