Do you have an opinion? Express it! => Obama's Hope and Change => Topic started by: George on September 04, 2010, 05:53:27 PM

Title: Obama Loses Backing of Democrats on Taxes
Post by: George on September 04, 2010, 05:53:27 PM
Quoting from the story...

Defying President Obama, Congress seems increasingly reluctant to let taxes go up, even on wealthier Americans.

Worried about the fragile economy and their own upcoming elections, a growing number of Democratic lawmakers are joining the rock-solid Republican opposition to Mr. Obama's plans to let some of the tax cuts passed under President George W. Bush expire as scheduled at the end of the year.

Democratic leaders in Congress still back Mr. Obama, but the willingness to raise taxes is waning among the rank and file as the stagnant economy threatens the party's majority in the House and Senate.

"In my view, this is no time to do anything that could be jarring to a fragile recovery," said Rep. Gerald E. Connolly of Virginia, a first-term Democrat.

The most sweeping tax cuts in a generation are due to expire in January, and that's setting up a showdown when lawmakers return from their summer vacations this month. By waiting to act on the tax cuts until just before congressional elections in November, Democratic leaders have raised the stakes, politically and for taxpayers.

If Congress fails to act - a possibility given the gridlock that has gripped the Senate - workers at every income level would face significant tax increases next year.

read the rest below...

http://newsmax.com/InsideCover/ObamaLosesBackingTaxes/2010/09/03/id/369142?s=al (http://newsmax.com/InsideCover/ObamaLosesBackingTaxes/2010/09/03/id/369142?s=al)