Bush Tax Cuts | featured news

President Barack Obama signed into law an $858 billion bill extending for two years Bush-era tax cuts to boost a fragile economy and add jobs.

Republicans and Democrats joined forces in the Senate on Monday to deliver the most significant bipartisan vote since President Obama took office, advancing a plan to extend tax cuts for virtually every American and to boost the economic recovery.

The Democratic-led U.S. Congress moved on Monday toward grudging approval of President Barack Obama's deal with Republicans to extend expiring tax cuts, even for the wealthiest Americans.

Congress will approve without major changes the $858-billion package that extends tax cuts and jobless benefits, says President Obama's senior advisor David Axelrod: 'No one wants to see taxes go up on 150 million Americans.'WASHINGTON — A top advisor to President Obama said Sunday a $858-billion package of tax cuts and jobless benefits will pass Congress without major changes, despite a revolt by some House Democrats.

"Agreement taken as a whole is I believe the best bipartisan agreement we can reach," ex-president says at news briefing with Obama beside him.

House Democrats voted not to bring up a tax deal President Obama negotiated with the GOP, raising questions over the president's influence in his own party.

Short-term positives jockey with long-term concerns as Street opens with narrow gains.

Obama's compromise with GOP on extending Bush-era tax rates has potential to worsen divide between White House and the "professional left."

President Barack Obama said on Monday he had reached an agreement with Republicans on how to extend expiring tax cuts. He said the compromise's provisions including a 2 percent payroll tax cut for next year, extending jobless benefits for 13 months and extending tax cuts for all Americans -- including the wealthiest -- for two years.

Senior lawmakers said on Sunday they were optimistic about striking a deal to extend Bush-era tax cuts for all taxpayers and continue emergency jobless aid for millions of long-term unemployed Americans.