Senior White House officials tonight put a positive spin on the tax cut framework President Obama has agreed to with the GOP, while insisting, repeatedly, that they oppose -- and will only reluctantly swallow -- a two year extension of the Bush tax cuts. But the tentative deal is now subject to the consideration of Congressional Democrats who have already telegraphed serious concerns with the plan.
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On a conference call with reporters, administration officials boasted of securing nearly $200 billion in new stimulus measures -- a one-year, two-percent payroll tax cut, and a year-long extension of unemployment insurance -- in exchange for giving the wealthiest Americans two further years of tax cuts. But though this framework will punt the tax cut fight into the 2012 elections, frightening a number of Congressional Democrats, the officials insist that they will not shy away from the fight as election season heats up.
Addressing the media tonight, President Obama outlined the compromise.