'Obama Attempts to Quell Democratic Unrest on Tax Deal'


"Obama Seeks to Deflect Anger in Party Over Tax Deal" (New York Times) "President Obama on Tuesday defended his tentative deal with Republicans to extend the Bush-era tax cuts at all income levels for the next two years, saying in a news conference that a protracted political fight would be a “bad deal for the economy. And it would be a bad deal for the American people.”

"What the Tax Deal Means for You" (New York Times Blog) A clear and concise breakdown of the details of the tax proposal.

"How the Deal Affects Taxpayers" (Wall Street Journal) Similarly, from the Wall Street Journal.

"Obama Attempts to Quell Democratic Unrest on Tax Deal" (Wall Street Journal) "President Barack Obama said Tuesday a tentative deal with Republicans is in the best interest of the country as he attempted to quell unrest from fellow Democrats. 'A long political fight that carried over into next year might have been good politics but it would have been bad for the economy,' Mr. Obama said during a news conference at the White House. Mr. Obama said he remained opposed to tax cuts for wealthy individuals, and portrayed Republicans as an obstacle in his push to extend the tax breaks just for the middle class."

"Obama tax move lifts hopes for growth" (Financial Times) The international perspective, from The Financial Times, is more favorable – focusing on the potential benefits to the U.S. economy, and the response of markets: "US stocks hit two-year highs and government bond yields soared on Tuesday as investors reckoned that a tax deal between President Barack Obama and congressional Republicans amounted to a “second stimulus” that will boost growth in 2011.The unexpected inclusion of a $120bn payroll tax holiday in an agreement between the president and the Republicans to extend all the Bush-era tax cuts prompted economists to increase sharply their growth forecasts for 2011."

BofA Settles with SEC on Bid Rigging (DealBook—New York Times) "Bank of America agreed on Tuesday to pay federal and state authorities $137 million to settle charges that its securities group helped rig bids on municipal bond contracts, according to the Securities and Exchange Commission." The charges are related to municipal bond market business. "Eight bankers have already pleaded guilty to charges of fraud and conspiracy, including former executives at BofA, UBS and JPMorgan Chase."