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Obama and GOP Reach Compromise

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POSTED: Tuesday, December 7, 2010 - 4:08pm

UPDATED: Tuesday, December 7, 2010 - 8:31pm

WASHINGTON D.C. - Call it the art of compromise.

President Obama and the GOP have come to terms on taxes and unemployment benefits.

In trouble with some of his own democrats over the compromise, President Obama went public.

"A long political fight that would have carried over into next year but would have been a bad deal for the economy and a bad deal for the American people."

He got what democrats want:  A 13 month extension of unemployment benefits and a one-year, one-third cut in social security taxes to help working class families.

But Mr. Obama yesterday gave republicans what they want on taxes:  No hikes on the top bracket.

The president calls it bipartisanship.

"I am happy to be tested over the next several months about our ability to negotiate with Republicans."

Liberals hate the deal.

"That really works out well for the two-percenters, the millionaires, but doesn't work out really well for working families at all."

House democratic leaders are not buying it.

Vice President Biden spent the day getting democrats behind the Obama compromise that the senate looks likely to pass.

"I think vast majority of my Republican caucus feel its a step in the right direction."

President Obama says it is a wrong step, but a step he now supports.

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