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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/obama-announces-tax-cuts-agreement.jpg"><img class="alignnone size-full" title="US president Barack Obama wanted to wrap up a deal on the tax cuts quickly" src="http://londonglossy.com/wp-content/uploads/2010/12/min-obama-announces-tax-cuts-agreement.jpg" alt="US president Barack Obama wanted to wrap up a deal on the tax cuts quickly"/></a></p>
<p>US president Barack Obama has brushed aside opposition in his own party and announced an agreement with Republicans on a plan to extend expiring income tax cuts for all Americans, renew jobless benefits for the long-term unemployed and grant a one-year reduction in payroll taxes.</p>
<p>The emerging agreement also included tax breaks for businesses that the president said would contribute to the economy&#8217;s recovery from the worst recession in 80 years.</p>
<p>The debate over extending the Bush-era tax cuts has been the dominant political issue in Washington during the final weeks of the current session of Congress in which Democrats have big majorities in both chambers.</p>
<p>The agreement signalled the arrival of a new era of divided government following the November elections in which Republicans won control of the House of Representatives and cut into the Democrats&#8217; Senate majority.</p>
<p>Mr Obama&#8217;s announcement marked a dramatic reversal of his long-held insistence, originally laid out in his 2008 campaign, that tax cuts should only be extended at incomes up to 200,000 dollars (£127,300) for individuals and 250,000 dollars (£159,200) for couples.</p>
<p>He explained his about-face by saying that he still opposed the move and noted that the agreement called for a temporary, two-year extension of cuts at all income levels, not the permanent renewal that Republicans had long sought.</p>
<p>Mr Obama also wanted to wrap up a deal on the tax cuts quickly to leave time for the Senate to debate and vote on a new nuclear arms control treaty with Russia, which the president has made a top year-end priority.</p>
<p>Senate Republicans have seemed more willing to hold a ratification debate in recent days as the negotiations over taxes intensified, suggesting at least an implicit link between the two issues in the talks.</p>
<p>Both parties have been under pressure from their bases not to compromise on the tax cut issue. Republicans insist that it makes no sense to raise taxes on anyone in a weak economy, but Democrats argue that extending tax cuts for the richest Americans would contribute to rising deficits and force deeper cuts in social welfare programmes.</p>
<p>Mr Obama found himself under fire from liberal Democrats who accused him of being too quick to cave in to Republican demands.</p>
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