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Obama: No Tax Compromise Would Have 'Cost Our Economy Nearly a Million Jobs'

Photo Courtesy - Getty Images(WASHINGTON) -- On a conference call with “Organizing for America” supporters Wednesday night, President Obama explained his compromise with Republicans over tax cuts, saying that the “harm” the economy would suffer was “too great” to be able to afford a fight.

If the middle-class tax cuts put in place last decade would have expired, “that would have cost our economy nearly a million jobs,” Obama said.

“All of this would have been damaging to those individual families," he said. "It would have been profoundly damaging to the economy, as well, at a time when, frankly, the economy is growing but we still have very high unemployment.”

The president admitted to supporters that right now there is a “healthy” debate going on about the details of the compromise and used the call to defend his decisions to compromise yet again.

The president said he is “absolutely convinced” that this is the right thing to do because the “harm” to middle-class Americans would have been “too great” to continue fighting.

The president said the deal is “not perfect,” but it is an “essential” part of the nation’s economic recovery. He promised to fight on when the matter comes up again in two years.

“It doesn’t end the discussion on the issue of tax cuts for the wealthiest because they will expire in two years and I will continue, with your help, to make the case they should not be extended one day longer than that time frame.”

He added that they are going to go “right back at Republicans,” in showing them why the things that they wanted in this compromise “don’t make sense,” over the next two years.

“In the meantime, we’ve got to make sure the economy is growing.”

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