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Obama Announces Bipartisan Pact On Taxes

By: KKTV
By: KKTV

President Barack Obama has announced a bipartisan agreement on year-end legislation to extend expiring tax cuts and renew jobless benefits as part of a sweeping attempt to strengthen the economic recovery.

Other elements include a cut in Social Security taxes for millions of Americans.

Obama did not mention it, but top congressional Democrats objected to the proposal earlier in the day on grounds it was too generous to the wealthy.


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