{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Obama announces bipartisan deal to extend expiring tax cuts' data-url='/boclips/videos/5c54bc64d8eafeecae12c4d5' data-video-url='/boclips/videos/5c54bc64d8eafeecae12c4d5' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nObama announces bipartisan deal to extend expiring tax cuts\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. US President Barack Obama walking up to podium2. Cutaway of media3. SOUNDBITE (English) Barack Obama, US President:\"Make no mistake, allowing taxes to go up on all Americans would have raised taxes by 3,000 dollars for a typical...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. US President Barack Obama walking up to podium\u003cbr/\u003e2. Cutaway of media\u003cbr/\u003e3. SOUNDBITE (English) Barack Obama, US President:\u003cbr/\u003e\"Make no mistake, allowing taxes to go up on all Americans would have raised taxes by 3,000 dollars for a typical American family and that could cost our economy well over a million jobs.\"\u003cbr/\u003e4. Wide of news conference\u003cbr/\u003e5. SOUNDBITE (English) Barack Obama, US President:\u003cbr/\u003e\"We have arrived at a framework for 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. In exchange for a temporary extension of the tax cuts for the wealthiest Americans, we will be able to protect key tax cuts for working families - the Earned Income Tax Credit that helps families climb out of poverty; the Child Tax Credit that makes sure families don't see their taxes jump up to a thousand dollars for every child; and the American Opportunity Tax Credit that ensures over eight million students and their families don't suddenly see the cost of college shooting up.\"\u003cbr/\u003e6. Mid of news conference\u003cbr/\u003e7. SOUNDBITE (English) Barack Obama, US President:\u003cbr/\u003e\"I have no doubt that everyone will find something in this compromise that they don't like. In fact, there are things in here that I don't like, namely the extension of the tax cuts for the wealthiest Americans and the wealthiest estates. But these tax cuts will expire in two years and I'm confident that as we make tough choices about bringing our deficit down, as I engage in a conversation with the American people about the hard choices we're going to have to make to secure our future and our children's future and our grandchildren's future, it will become apparent that we cannot afford to extend those tax cuts any longer.\"\u003cbr/\u003e8. Wide of news conference\u003cbr/\u003e9.  SOUNDBITE (English) Barack Obama, US President:\u003cbr/\u003e\"As for now, I believe this bipartisan plan is the right thing to do. It's the right thing to do for jobs. It's the right thing to do for the middle class. It is the right thing to do for business. And it's the right thing to do for our economy. It offers us an opportunity that we need to seize. It's not perfect, but this compromise is an essential step on the road to recovery. It will stop middle-class taxes from going up. It'll spur our private sector to create millions of new jobs, and add momentum that our economy badly needs.\"\u003cbr/\u003e10. Mid of news conference\u003cbr/\u003e11. SOUNDBITE (English) Barack Obama, US President:\u003cbr/\u003e\"My singular focus over the next year is going to be on how do we continue the momentum of the recovery, how do we make sure that we grow this economy and we create more jobs. We cannot play politics at a time when the American people are looking for us to solve problems.\"  \u003cbr/\u003e12. Obama leaving at end of news conference \u003cbr/\u003eBrushing past Democratic opposition, US President Barack Obama announced agreement with Republicans on Monday night on a plan to extend expiring income tax cuts for all Americans, renew jobless benefits for the long-term unemployed and grant a one-year reduction in Social Security taxes.\u003cbr/\u003eThe emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades.\u003cbr/\u003eObama's announcement marked a dramatic reversal of his long-held insistence, originally laid out in his 2008 campaign, that tax cuts should only be extended at incomes up to 200-thousand US dollars for individuals and 250-thousand US dollars for couples. \u003cbr/\u003eHe explained his about-face by saying that the agreement called for a temporary, two-year extension of cuts at all income levels, not the permanent renewal that Republicans have long sought.\u003cbr/\u003e\"Make no mistake, allowing taxes to go up on all Americans would have raised taxes by 3,000 dollars for a typical American family and that could cost our economy well over a million jobs,\" he said at the White House on Monday.\u003cbr/\u003eDemocrats also objected to an extension of the estate tax that tilted toward the Republican position.\u003cbr/\u003eFor months, Democrats have repeatedly raised objections to including the upper-income in any plan to extend tax cuts enacted in 2001 and 2003 when George W. Bush was president. \u003cbr/\u003eThe Democratic-controlled House recently passed legislation to let the cuts lapse on incomes over 200-thousand US dollars for individuals and 250-thousand US dollars for couples. \u003cbr/\u003eOn Saturday, Republicans blocked an attempt by Senate Democrats to do the same.\u003cbr/\u003eObama said there were elements of the deal he personally opposed, including an extension of expiring income tax cuts at upper income levels and the more generous deal on estates. \u003cbr/\u003eBut he said he decided that an agreement with Republicans was more important than a stalemate that would have resulted in higher income taxes at all levels on January 1.\u003cbr/\u003e\"There are things in here that I don't like - namely the extension of the tax cuts for the wealthiest Americans and the wealthiest estates.  But these tax cuts will expire in two years,\" he said.\u003cbr/\u003eIn his announcement, Obama said he had agreed on a bipartisan framework, and said he wanted Congress to approve it before lawmakers adjourn for the year later this month. \u003cbr/\u003eIn a telling sign that the White House recognises the extent of Democratic opposition, officials said they would prefer the Senate vote first.\u003cbr/\u003eIf Obama's reversal on tax cuts for the wealthy was remarkable, so, too, was the extent to which the agreement signalled a new era of divided government in the capital.\u003cbr/\u003eRepublicans won control of the House last month, and strengthened their hand in the Senate. \u003cbr/\u003eMomentum for a year-end deal picked up after Obama met at the White House last week with Republican leaders for the first time since his party's dispiriting election losses, and accelerated again when the government reported last week that joblessness had risen in November, to 9.8 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