America

Obama Signs Tax Deal Into Law

President Barack Obama, left, shakes hands with Senate Republican Leader Mitch McConnell, R-Ky., right, after signing the $858 billion tax deal into law in a ceremony in the Eisenhower Executive Office Building. i i

President Barack Obama, left, shakes hands with Senate Republican Leader Mitch McConnell, R-Ky., right, after signing the $858 billion tax deal into law in a ceremony in the Eisenhower Executive Office Building. Pablo Martinez Monsivais/AP hide caption

itoggle caption Pablo Martinez Monsivais/AP
President Barack Obama, left, shakes hands with Senate Republican Leader Mitch McConnell, R-Ky., right, after signing the $858 billion tax deal into law in a ceremony in the Eisenhower Executive Office Building.

President Barack Obama, left, shakes hands with Senate Republican Leader Mitch McConnell, R-Ky., right, after signing the $858 billion tax deal into law in a ceremony in the Eisenhower Executive Office Building.

Pablo Martinez Monsivais/AP

President Barack Obama signed a bipartisan tax bill into law Friday in a Washington ceremony that included members of both parties.

The bill extends Bush-era tax rates for another two years. It also extends unemployment benefits by 13 months. A nearly one-third cut in the payroll taxes that finance Social Security was also part of the deal.

The deal will cost $858 billion over two years.

Politico 44 quotes the president describing the bill as a "compromise" that allows government to "move forward":

"With Senate Minority Leader Mitch McConnell standing just feet away from him, Obama again said that 'there are some elements of this legislation that I don’t like,' and that 'there are some elements that Republicans here today don’t like.' But he concluded, 'That's the nature of compromise – yielding on something each of us cares about to move forward on what all of us care about.'"

But Frank James analysis on It's All Politics points out that, despite the bipartisan, compromising nature of the bill, not everyone wanted to be seen supporting it at today's event:

House Republican leaders, like the next Speaker John Boehner, and the next majority leader Eric Cantor, weren't at the signing ceremony held at the Eisenhower Executive Office Building on the White House compound.

And small wonder. The kind of spending contained in the bill has angered conservatives and Tea Party movement members.

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