Democrats are betting that ending tax cuts for the rich will play in their favor
By Lori Montgomery
Washington Post Staff Writer
Sunday, July 25, 2010
President Obama and Democratic leaders in Congress are setting the stage for a high-stakes battle over taxes in the final weeks before the November congressional elections, betting that their plan to eliminate tax breaks for the wealthy will resonate with voters who have lost houses and jobs to what many see as an era of Wall Street greed.
Raising taxes is usually a perilous move. But Democrats, facing the potential loss of their majorities Capitol Hill, believe that the strategy will both force Republicans to defend tax breaks for a tiny and wealthy minority and expose GOP hypocrisy on budget deficits
Even as Republicans have blamed Democrats' spending for the record $1.47 trillion deficit forecast this year, the GOP has called for extending tax cuts enacted under President George W. Bush, which are set to expire in January. That move would add at least $2 trillion over the next decade to the burgeoning national debt.
"This blows a hole in their argument that they're deficit hawks. They're not deficit hawks; they're deficit chickens," said Rep. Chris Van Hollen (Md.), who heads the Democratic Congressional Campaign Committee, which is tasked with defending the party's House majority.
(More here.)
Washington Post Staff Writer
Sunday, July 25, 2010
President Obama and Democratic leaders in Congress are setting the stage for a high-stakes battle over taxes in the final weeks before the November congressional elections, betting that their plan to eliminate tax breaks for the wealthy will resonate with voters who have lost houses and jobs to what many see as an era of Wall Street greed.
Raising taxes is usually a perilous move. But Democrats, facing the potential loss of their majorities Capitol Hill, believe that the strategy will both force Republicans to defend tax breaks for a tiny and wealthy minority and expose GOP hypocrisy on budget deficits
Even as Republicans have blamed Democrats' spending for the record $1.47 trillion deficit forecast this year, the GOP has called for extending tax cuts enacted under President George W. Bush, which are set to expire in January. That move would add at least $2 trillion over the next decade to the burgeoning national debt.
"This blows a hole in their argument that they're deficit hawks. They're not deficit hawks; they're deficit chickens," said Rep. Chris Van Hollen (Md.), who heads the Democratic Congressional Campaign Committee, which is tasked with defending the party's House majority.
(More here.)
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