Worthy compromise

By The Gazette Editorial Board

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Compromise often doesn't leave anyone very happy. But in our democracy, it's necessary and preferable to the alternative: gridlock.

The president is taking lots of heat from vocal Democratics after negotiating a tax package with Republican leaders. He gave up, for now, his promise to raise tax rates on the wealthiest 2 percent. But both sides get something in this broad-based compromise. It helps those in need, stimulates our economy and spurs job growth we so badly need in the short term by:

l Extending the Bush-era tax cuts for two years.

l Cutting payroll taxes 2 percent for 2011, putting hundreds of dollars or more in the hands of most workers.

l Extending emergency unemployment benefits 13 months for about 2 million jobless.

l Continuing college tuition and some family and business tax break; companies of all sizes could write off all capital investments next year.

Congress should follow Obama's example and pass this plan. Then work on long-term fixes to our looming fiscal nightmare: the national debt.