Congress Nearing Deal on Tax Cuts

Could it be true? Lawmakers on Capitol Hill say they're optimistic about reaching a deal to extend the expiring Bush-era tax cuts for all Americans as well as to renew unemployment benefits. President Obama and the Democrats oppose extending the tax cuts for the uppermost tax brackets, while Republicans claim raising taxes on the rich would stifle investment and recovery. Obama has signaled a willingness to compromise on the cuts to get past GOP stonewalling on renewing unemployment benefits for millions of jobless Americans. Top Republicans appearing on Sunday talk shows, including Sens. Jon Kyl and Mitch McConnell, signaled that they're willing to consider removing their blockade on jobless benefits if they get their way on tax cuts.