Economists, pundits and politicians had little choice but to endorse the tax deal between President Obama and Congressional Republicans, because snapping back to pre-Bush tax rates would crush the economic recovery. But Washington exhibited not even the shadow of self-restraint and cut taxes far beyond what is needed or smart.

Newly emboldened Republicans demanded all the Bush tax cuts be extended. President Obama argued the country couldn't afford those for families in the highest tax brackets, but failed to apply such reasoning to temporary benefits bestowed on Democratic constituencies by his 2009 stimulus program.

Instead of compromising, with each side getting half of what it wanted, Washington feasted-everyone got everything they wanted and more. Business got its R&D tax credit and a temporary tax holiday on new investments. The wealthy got Bush-era tax rates and even lower rates through temporary elimination of income-triggered phase outs on deductions and personal exemptions. The poor and middle class got a temporary 33 percent cut in social security taxes.

Since Nancy Pelosi became speaker in 2007, government spending and the federal deficit have jumped from 19.6 percent of GDP and $161 billion to 25.1 percent and $1.5 trillion in 2011. Unfunded, increases in health care spending, the regulatory bureaucracy and fanciful experiments in industrial policy-windmills, electric cars and batteries, and the like-have bloated federal spending without credible plans to pay for it all.

Now Congress and the President compound those sins by both enacting additional "temporary" tax cuts that will be very difficult to ever let lapse. For example, thanks to Clinton and Bush tax cuts, the Social Security tax is the principal tax low- and middle-income workers pay-many pay zero or minimal personal income taxes.

The Securities Law Firm of Menzer & Hill, P.A., www.suemyadvisor.com, announced today it has filed an arbitration claim against vFinance Investments, Inc., a subsidiary of National Holdings Corporation (OTCBB: NHLD.OB ), for its failure to supervise one of its financial advisors who engaged in the unauthorized, unsuitable trading in speculative stocks resulting in the losses of an investor’s life savings.

Investors who have sustained losses due to the negligence and misconduct of their brokers are urged to explore their legal rights and options. The attorneys at the Securities Law Firm of Menzer & Hill, P.A. are dedicated to pursuing claims on behalf of investors who have suffered investment losses.

For a free case evaluation or to discuss any other investment losses, please contact the Securities Law Firm of Menzer & Hill, P.A., at 888-923-9223, or visit us on the web at www.suemyadvisor.com

It's the most significant new tax law in a decade, but what does it mean for you? Big savings for millions of taxpayers, more if you have young children or attend college, a lot more if you're wealthy.

The package, being signed Friday by President Barack Obama, will save taxpayers, on average, nearly $3,000 next year.

But many families will be able to save much more by taking advantage of tax breaks for being married, having children, paying for child care, going to college or investing in securities. There are even tax breaks for paying local sales taxes and using mass transit, and a new Social Security tax cut for nearly every worker who earns a wage.

Most of the tax cuts have been around since early in the decade. The new law will prevent them from expiring Jan. 1. Others are new, such as the decrease in the Social Security payroll tax. Altogether, they provide a thick menu of opportunities for families at every income level.

"The tax code wants to encourage people to invest in their homes, invest in their education, invest in their retirement, and you have to know about all of these in order to take advantage of it," said Kathy Pickering, executive director of The Tax Institute at H&R Block.

Attorneys general in Arizona and Nevada filed civil lawsuits Friday against Bank of America Corp., alleging that the lender is misleading and deceiving homeowners who have tried to modify mortgages in two of the nation's most foreclosure-damaged states.

Bank of America violated Arizona's consumer fraud law by misleading consumers who tried to reduce their monthly payments to keep their homes, state Attorney General Terry Goddard said. The bank also violated the terms of a 2009 consent agreement requiring its Countrywide mortgage subsidiary to implement a loan modification program, the Arizona lawsuit alleges.

Hundreds of homeowners kept making their mortgage payments because Bank of America repeatedly assured them that their loans were being modified, Goddard said. Instead, many lost their homes anyway.

"Those people could have used that money for something else," Goddard told The Associated Press. "They were deceived into continuing to make mortgage payments when they had no hope of saving their homes."

Nevada Attorney General Catherine Cortez Masto told the AP that the Silver State's lawsuit was a last resort to try to get the bank to change its ways. It was filed after several discussions with bank managers led to assurances but little more.

"Clearly there is a disconnect between what Bank of America tells me at the management level and what's happening on the front line," Masto said.

Attorneys general in four Gulf Coast states are urging oil spill victims to check with lawyers before settling claims against BP PLC.

They issued consumer advisories Friday in Florida, Alabama, Louisiana and Texas. Earlier this week Claims Administrator Kenneth Feinberg completed his plan to give claimants three payment options — interim, final and quick.

Those opting for final or quick payments must sign away their right to sue BP for additional damages. The attorneys general said they should consult with a lawyer first.

BP's Deepwater Horizon rig exploded in April, spilling oil into the water for three months. In Florida only a few beaches were fouled, but the spill scared away tourists and businesses across the state had financial losses.