Ahead of Christmas, President Barack Obama on Friday achieved a major political victory when Republicans in the House of Representatives caved to his demands and agreed to extend the pay roll tax cut for 160 million American workers for two months.
Welcoming the deal reached by congressional leaders, Obama said it was a victory for weary Americans as they prepared for Christmas.
“This is good news, just in time for the holidays. This is the right thing to do to strengthen
our families, grow our economy, and create new jobs,” he said in a statement.
“This is real money that will make a real difference in people’s lives,” Obama said, noting due to the agreement, every working American will keep his or her tax cut — about $1,000 for the average family.
“That’s about $40 in every paycheck. Vital unemployment insurance will continue for millions of Americans who are looking for work,” he said.
Published 23 December 2011, 13:02 IST