Senate extends tax cuts

President Barack Obama’s compromise tax deal with Republicans — a package of cuts that would add nearly a trillion dollars to the U.S. debt — won approval in the Senate Wednesday.

WASHINGTON — President Barack Obama’s compromise tax deal with Republicans — a package of cuts that would add nearly a trillion dollars to the U.S. debt — won approval in the Senate Wednesday.

The measure still faces stiff opposition in the House of Representatives where Democrats see it as overgenerous to the wealthy.

The compromise plan would spare Americans at from larger tax bills beginning Jan. 1.

By agreeing with Senate Republicans to extend lower rates for all Americans, he won their promise to back a 13-month extension of jobless benefits for the long-term unemployed.

Despite strong criticism from fellow Democrats, Obama has made passage of the bill a key year-end priority, calling it essential for the economy.

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