A compromise deal between President Barack Obama and Republican leaders put forth late last night seems to trade unemployment benefits for tax cuts: the deal extends Bush-era tax cuts for two more years and federal unemployment benefits for 13 months.
The whole package could cost between $600 and $800 billion if signed into law, reports CNN Money. (Don’t let’s forget, though: the tax cuts cost $458 billion while the unemployment benefits will cost approximately $57 billion.)
Without the extension, up to 2 million unemployed Americans would lose their benefits by the end of the month.
Leaders are hopeful the measures can pass before the end of the lame-duck session.