Obama’s Democrats in disarray over expiring tax cuts

Thomas Ferraro and Kim Dixon

(Reuters) – President Barack Obama’s fellow Democrats in the U.S. Congress, many upset with him for election losses, are in disarray over what to do about tax cuts for millions of Americans that are set to expire on December 31.

With time running out and high political and economic stakes, Obama is pushing Democratic leaders to determine if they can win an acceptable extension of the cuts, which he could sign into law.

Resurgent Republicans are demanding that all the tax cuts be renewed, including those for wealthier Americans — individuals making more than $200,000 and families above$250,000.

Obama favors renewing the tax cuts only for those at or below those level, saying the nation cannot afford to renew them for wealthier Americans…

…”A lot of our guys, the progressives, don’t want to extend these tax cuts for anyone,” said a senior House Democratic aide. “They never liked them in the first place.”

The aide said some Democrats are now wary of Obama, who convinced them to overhaul the U.S. healthcare system — a landmark achievement that backfired and hurt them with voters….

Read the complete article at Reuters

H/T Instapundit

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