Economics Report.President Obama announced an agreementwith Congressional Republicans Monday.It would extend for two yearsthe tax cuts put in placeby former president George W. Bush.The tax cuts were to end in January.The compromise extends currentincome tax rates for all Americansfor two years.That includes ratesfor the richest Americans.The agreement also cuts workers'Social Security taxesby two percentage points.Social Security is retirement insurancepaid by almost all American workersand employers.The so-called payroll tax holidaywould save a family earningfifty thousand dollarsabout one thousand dollars a year.For the president,the most important partof the compromise was the extensionof aid payments to unemployed Americansfor thirteen months.Last month, the jobless rateincreased by two-tenths of a percentto nine point eight percent.Economists say paymentsto unemployed people directlyhelp the economy becausethey spend the money immediately.This has led some expertsto call the agreementa stimulus measure meantto improve the economy.President Obama said he acceptedthe compromise because he wantedto help unemployed Americans.BARACK OBAMA: "Because of this agreement,two million Americanswho lost their jobsand are looking for workwill be able to pay their rentand put food on their table."But the president facesstrong opposition from his own party.Democrats object to keeping tax cutsfor the rich at a timewhen the government is strugglingwith deep budget deficits.The extension of the tax cutsfor the wealthiest Americansis expected to cost abouteighty billion dollars over two years.The deal also includes tax cutsaimed at middle incomeAmericans and businesses.The House of Representativesand Senate will have toapprove the proposal.Senate Minority LeaderMitch McConnell saysRepublicans support the deal.MITCH MCCONNELL: "I think the vast majorityof the Republican caucusin the Senate feel that this is a stepin the right direction,an important step to takefor the American people."Before the agreement,Senate Republicans had threatenedto block other measures unlessthe tax cuts for the richestAmericans were extended.Some Democrats were disappointedthat President Obama agreedto the compromise.In two thousand eight,he campaigned on the promisethat he would continue tax cutsfor the middle class.But he proposed to raise income taxeson families reporting two hundredfifty thousand dollarsor more in taxable income.And that's the VOA Special EnglishEconomics Report,written by Mario Ritter.Our programs are onlinewith transcripts and MP3 filesat 51voa.com.And you can find us on Twitter,Facebook and YouTubeat VOA Learning English.