Democrats Cut Deal to Extend Bush Tax Cuts

In exchange, the Republicans will approve an extension of unemployment benefits.

The fact that the U.S. is facing record deficits hasn’t swayed Republicans’ determination to extend tax cuts to the country’s wealthiest citizens. The GOP has successfully blocked debate on Democratic measures that would have extended the Bush-era cuts only for those making $200,000 a year and under, and have reportedly struck a deal to extend them for the country’s millionaires and billionaires as well. In exchange, the Republicans will support an extension for unemployment benefits that are set to expire before Christmas. Under the deal hammered out between Democratic and Republican senators, the cuts will technically only be extended for another year or two. Still, they could wind up lasting for an indefinite period, as Democrats seem unable to muster the political will to scrap them.