金融英语阅读：Obama unveils tax compromise
US President Barack Obama, bowing to his Republican foes in their first major battle since the November mid-term elections, has unveiled a compromise to avert a huge New Year's tax hike on the middle class."It would be a grave injustice to let taxes increase for these Americans right now. And it would deal a serious blow to our economic recovery," he said in brief televised remarks on what he called a framework for a final deal.
The arrangement would extend massive tax cuts passed in 2001 and 2003 beyond their scheduled expiration January 1, and would extend jobless benefits for 13 months.
Obama acknowledged that the compromise, which saw him drop his once fierce opposition to extending the tax cuts that directly benefit only the richest 2 percent of US earners, risked leaving many of his Democratic allies cold.
"I have no doubt that everyone will find something in this compromise that they don't like. In fact, there are things in here that I don't like," said Obama.
However, with Republicans able to block legislation that only extends tax cuts for the middle class, and insisting on prolonging those for the wealthiest, as well as threatening to derail an ambitious year-end agenda that includes a landmark nuclear arms control treaty with Russia, Obama had few choices.
"Sympathetic as I am for those who prefer a fight over a compromise, as much as the political wisdom may dictate fighting over solving problems, it would be the wrong thing to do," the president said.
In a chilly reaction from a key ally, Senate Majority Leader Harry Reid kept mum on the merits of Obama's compromise.
"Now that the president has outlined his proposal, Senator Reid plans on discussing it with his caucus tomorrow," Reid's spokesman, Jim Manley, said in a statement Monday.
Republican Senate Minority Leader Mitch McConnell said the compromise showed broad agreement in Washington on the need for "a new direction" in the wake of November 2 elections that saw voters rout Obama's Democrats.
Republicans, who in January will formally retake control of the House of Representatives and see their Senate numbers swell, had called for weeks to extend all of the tax cuts approved under Obama's predecessor, George W. Bush.
Democrats, including Obama, had pushed for extending only tax cuts on the first $200,000 of income for individuals and on $250,000 for couples, but failed in the face of lockstep Republican opposition.
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