Make no mistake（别搞错） :  Allowing taxes to go up on all Americans would have raised taxes by $3,000 for a typical American family. And that could cost our economy well over a million jobs.

At the same time, I’m not about to add $700 billion to our deficit¹ by allowing a permanent extension of the tax cuts for the wealthiest Americans.  And I won’t allow any extension of these tax cuts for the wealthy, even a temporary one, without also extending unemployment insurance for Americans who’ve lost their jobs or additional tax cuts for working families and small businesses -- because if Republicans truly believe we shouldn’t raise taxes on anyone while our economy is still recovering from the recession, then surely we shouldn’t cut taxes for wealthy people while letting them rise on parents and students and small businesses.

As a result, we have arrived at a framework for a bipartisan（两党连立的） agreement.  For the next two years, every American family will keep their tax cuts -- not just the Bush tax cuts, but those that have been put in place over the last couple of years that are helping² parents and students and other folks manage their bills.

In exchange for a temporary extension of the tax cuts for the wealthiest Americans, we will be able to protect key tax cuts for working families -- the Earned Income Tax Credit that helps families climb out of poverty; the Child Tax Credit that makes sure families don’t see their taxes jump up to $1,000 for every child; and the American Opportunity Tax Credit that ensures over 8 million students and their families don’t suddenly see the cost of college shooting up.

These are the tax cuts for some of the folks who’ve been hit hardest by this recession, and it would be simply unacceptable if their taxes went up while everybody else’s stayed the same.

Now, under this agreement, unemployment insurance will also be extended for another 13 months, which will be welcome relief for 2 million Americans who are facing the prospect³ of having this lifeline yanked（猛拉） away from them right in the middle of the holiday season.

This agreement would also mean a 2 percent employee payroll⁴ tax cut for workers next year -- a tax cut that economists⁵ across the political spectrum⁶ agree is one of the most powerful things we can do to create jobs and boost economic growth.

And we will prevent -- we will provide incentives⁷ for businesses to invest and create jobs by allowing them to completely write off their investments next year.  This is something identified back in September as a way to help American businesses create jobs.  And thanks to this compromise（妥协，折衷） , it’s finally going to get done.

In exchange, the Republicans have asked for more generous treatment of the estate tax（遗产税，地产税） than I think is wise or warranted.  But we have insisted that that will be temporary.