President Barack Obama lost a game of chicken over tax cut extensions, and had to compromise when Republicans called his bluff.
Obama and the Democrats wanted to extend tax cuts only for middle income earners, while the GOP in Congress were willing to let the cuts expire at the end of the year if those for the wealthy did.
Monday night, Obama announced agreement with Republicans to extend tax cuts for all Americans, renew jobless benefits and grant a one-year reduction in Social Security taxes for millions. The emerging agreement also includes tax breaks for businesses that the president said would contribute to the economy's recovery from the worst recession in eight decades.
For more: Obama And Republicans Agree On Tax Cut Extension : NPR
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