Having reached a deal on a nearly $2 trillion deal to keep the government open, President Obama and congressional leaders tried to build support Wednesday for the massive bill, which hikes spending across government, thrilling Democrats, and extends a host of special interest tax breaks, exciting Republicans.

Racehorses and NASCAR racetracks, school teachers and college students, green energy companies and the big oil giants all made out well in the deal, reached overnight after weeks of negotiations. The chief loser, meanwhile, is the federal deficit, which grows by hundreds of billions of dollars under the terms of the tax deal.

Mr. Obama gloated over the agreement, saying he got nearly everything he wanted and gave up very little, only ceding ground in allowing two Obamacare taxes to be postponed and agreeing to lift the decades-old ban on exporting crude oil.

Read more

Related Articles