FACT SHEET: The President's Framework for Shared Prosperity and Shared Fiscal Responsibility
The President believes that we need a comprehensive, pro-growth economic strategy that invests in winning the future, lays the foundation for strong private-sector job growth and ensures that shared prosperity will keep the American dream alive for generations to come. A key component of that strategy must be a commitment to fiscal responsibility and to living within our means. Today, the President is laying out a comprehensive, balanced deficit reduction framework to cut spending, bring down our debt and increase confidence in our nation’s fiscal strength, while supporting our economic recovery and ensuring we are making the investments we need to win the future.
Fact Sheet on the Framework Agreement on Middle Class Tax Cuts and Unemployment Insurance
The framework agreement announced by the President secures vital tax relief and investments in our workers that will create jobs and accelerate economic growth. The plan has three key accomplishments:
Working families will not lose their tax cut. A typical working family faced a tax increase of over $3,000 on January 1st. That’s avoided under this framework agreement, and working families won’t see their tax cuts go away next year.
Focused on high impact job creation measures. The framework agreement includes some of the best measures for jumpstarting growth and job creation, including a full year of emergency unemployment insurance benefits, an about $120 billion payroll tax cut for working families and a continuation of tax credits for working families. This is on top of growth generated by extension of the middle-class income tax rates.
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