After a late night vote in the house. Now president obama back on vacation in hawaii. He is prepared to sign this new bill preventing the widespread tax increases and those deep spending cuts. Thanks to the votes of democrats and republicans in congress, i will sign a law that raises taxes on the wealthiest 2 of americans while preventing a middle class tax hike that could have sent the economy back into recession and obviously had a severe impact on families all across america. So here are specifics on the bill. No income tax increases for couples making less than 450,000 a year. Itemized deductions capped for those making 300,000 and taxes go up from 35 to 40 . The Unemployment Insurance will be extended for a year for 2 Million People as well, but the deal does not address the automatic federal spending cuts or the nations 16. 4 trillion debt deficit. The debt ceiling, rather. Theres much more drama to come. Dan lothian is Board Air Force one on his way to hawaii with the president.
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