7 of 8
Obama tax package: 2010
Obama tax package: 2010

Sold as a form of stimulus, this legislation included a reduction in the estate tax threshold, a patch for the alternative minimum tax, a partial one-year payroll tax holiday and some additional tax breaks for businesses that invest in plants and equipment.

It also included an extension of the Bush tax cuts through the end of 2012, and is projected to cost $858 billion over ten years. The spending and tax cuts in the bill were, once again, not offset by any increase in federal revenue.

With both the annual budget deficit and public debt hitting record levels, and the House now controlled by cut-happy Republicans, the debate has shifted to reducing the size and scope of government.

NEXT: Debt at the breaking point
Last updated April 27 2011: 5:01 AM ET
Meanest budget cuts From heating for the poor to removing unexploded landmines, the budget compromise takes the ax to some very worthy programs. More
Famous Fed flubsBernanke and Greenspan aren't the only ones to have put their foot in their mouth over the years. Here's a look at Federal Reserve "oops" moments. More
Kokomo: What stimulus bought This manufacturing town in central Indiana faced crippling unemployment. Now it is working again, thanks to the federal government. More
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.43%4.46%
15 yr fixed3.89%3.89%
5/1 ARM4.22%4.14%
30 yr refi4.43%4.45%
15 yr refi3.87%3.88%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Special Offer