Friday Must Read: Obama Tax Deal Passes; California Adopts Cap-and-Trade

Stories you shouldn’t miss:

1. President Obama’s tax deal with Republicans passed the House of Representatives last night, despite opposition from some progressive Democrats who objected to extending the Bush tax cuts for the rich, the Chron reports. “It’s a shame and a disgrace,” said Congresswoman Barbara Lee of Oakland. “We know who’s going to pay. It’s going to be on the backs of low-income people, the working poor, communities of color. … The notion that we would go back and extend the Bush-era tax cuts, which created the deficits and unemployment, doesn’t make any sense to me.” However, without extending the tax cuts for the wealthy, Republicans would have blocked tax cuts for middle-class and low-income families, meaning everyone’s taxes would have gone up January 1. The deal also extends jobless benefits for the long-term unemployed for another thirteen months.

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