I’m at a loss for words…
President Barack Obama on Friday signed into law a bill extending Bush-era tax cuts and said he hoped the bipartisan spirit that had made it possible would help restore Americans’ faith in Washington.
“The final product proves when we can put aside the partisanship and the political games, when we can put aside what’s good for some of us in favor of what’s good for all of us, we can get a lot done,” he said at a White House ceremony.
Obama brokered the tax deal with Republicans over the objections of many of his fellow Democrats who said it was too generous to the rich, and U.S. lawmakers passed the $858 billion package of renewed tax cuts and more unemployment benefits near midnight on Thursday.
“This is real money that’s going to make a real difference in people’s lives,” Obama said. “That’s how we’re going to spark demand, spur hiring, and strengthen our economy in the new year.”
The bill was expected to provide at least a short-term boost to the U.S. economy and reduce unemployment, which remains near 10 percent. But it will also add to a $14 trillion national debt that some fear is nearing dangerous levels.