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→112th Congress (2011 - 2013)
===2020 Midterms===
===2020 Midterms===
====112th Congress (2011 - 2013)====
====112th Congress====
After the drubbing the president's party took in the [[2010 Midterm elections]] and ouster of [[Nancy Pelosi]] as [[Speaker of the House]], Obama solicited former President [[Bill Clinton]] for advice on dealing with the new [[Republican]] majority. President Clinton endorsed extending the "tax cuts for the rich" of former President [[George W. Bush]], which lowered rates for everyone below the level of President Clinton's tax hikes. Obama followed Clinton's counsel and signed on to extending the Republican across the board tax reductions including a 2% "payroll tax holiday", or reduction in the amount of Social Security withholding taxes from workers paychecks.
After the drubbing the president's party took in the [[2010 Midterm elections]] and ouster of [[Nancy Pelosi]] as [[Speaker of the House]], Obama solicited former President [[Bill Clinton]] for advice on dealing with the new [[Republican]] majority. President Clinton endorsed extending the "tax cuts for the rich" of former President [[George W. Bush]], which lowered rates for everyone below the level of President Clinton's tax hikes. Obama followed Clinton's counsel and signed on to extending the Republican across the board tax reductions including a 2% "payroll tax holiday", or reduction in the amount of Social Security withholding taxes from workers paychecks.