The extension of the Bush-era tax cuts were signed into law on Friday, December 17. There is something in the bill for everyone, but the compromise bill comes at the expense of a continuing sharp rise in the deficit.
The bill includes a two year extension of the Bush tax cuts for all income levels, the extension of federal unemployment benefits for 13 months, and a one year social security payroll tax cut. The tab for this bill will be $858 billion over two years.
Obama admitted that “in some ways this was easier than some of the tougher choices we’re going to have to make next year.”