About six in 10 Americans approve of a tax package passed by the Senate on Wednesday that extends George W. Bush-era tax breaks for the wealthy as well extending unemployment benefits and cutting payroll taxes, according to a Wall Street Journal/NBC News poll.
If the agreement between congressional Republicans and President Obama is ratified, Pimco, which manages the world's largest bond fund, says the stimulative measure will contribute much to economic growth -- and to the deficit.
DailyFinance writer Jonathan Berr sees much to like in the compromise President Obama reached with congressional Republicans on taxes and unemployment compensation. And while he'd never call it perfect, as he notes, the American voters elect politicians to get stuff done, which this plan does.
President Obama insists that his agreement with Republicans will help working people avoid a pay cut. But as tax experts look at the full package more closely, it has become clear that low-end wage earners will indeed take a painful hit.
The tax cut compromise between Obama and the GOP is now being touted as a back-door stimulus plan, one that some economists predict will create or save 3.1 million jobs. Unfortunately, the model on which those forecasts are based makes some flawed assumptions.
Nouriel Roubini, the NYU economics professor who has earned the nickname "Dr. Doom" for his predictions, says he's concerned the tax cut compromise struck by President Obama and GOP leaders could expose the U.S. to bond vigilantes who will drive up bond yields, resulting in higher borrowing costs for the federal government.
The president bristled at criticism of his compromise with the GOP: "This isn't an abstract debate," the president said. "This is real money for real people that will make a real difference in the lives of the folks who sent us here."
President Barack Obama has cut a deal with Republicans to extend Bush-era tax cuts for two years and unemployment benefits for 13 months. But the plan is already drawing fire from Obama's own liberal supporters.
While most people support extending at least some of the George W. Bush-era tax cuts due to expire this year, a new Gallup/USA Today survey finds that Americans are deeply divided on which cuts should continue -- and for how long.
President Barack Obama, who has disagreed with Republican Congress members on whether to extend George W. Bush-era tax cuts for wealthier Americans beyond this year, said Tuesday that he will work with U.S. senators on finding some sort of tax-policy agreement by the end of the year.
House Republicans thwarted an expedited effort by Democrats to extend jobless benefits into next year. It cleared by 258-154 but failed to meet the two-thirds majority needed for "fast-track" passage. Two million Americans could soon lose their aid.
"More food stamps? Or more paychecks?" Former Speaker of the House Newt Gingrich suggests that's how the GOP should couch the national policy debate before the midterm elections. But will it work?
CNBC's Larry Kudlow blogged Tuesday that the a GOP win in November's elections would create an explosion of U.S. job creation. One of his guests that day on The Kudlow Report was DailyFinance's Peter Cohan, who breaks down precisely why that rhetoric doesn't match reality.
House Democrats may help overrule President Barack Obama by voting to extend George W. Bush-era tax cuts on investment income beyond this year, the Associated Press reported.
According to a Pew Research Center poll, 40% of Americans believe that the expiration of tax cuts for the wealthy would hurt the economy, while only 26% think it would help.