Bill Clinton: Tax deal the best we can reach

Bill Clinton still studies economics an hour a day. With the new Administration proposal pending, Clinton says that the single most influential tax cut in the current economy will be the payroll tax holiday - not the extension of the Bush tax cuts. Clinton believes that the payroll tax holiday will lower create jobs and contribute to lowering the unemployment rate.

Democrats declared Thursday they opposed the package because it would extend the lower Bush-era tax rates for millionaires. But Senate Republicans have refused to accept any difference in tax treatment for the wealthy, demanding that all current rates be extended. I am in favor of extending the bill and, for the first time ever, the Democratic party is not in favor of their President.