FINANCIAL TIMES:: Nobody in Washington has put it quite so bluntly. But it seems almost certain now that Barack Obama will be unable to fulfil his pledge of reversing George W. Bush’s tax cuts for the wealthiest Americans. Last week, Democratic lawmakers returned home to prepare for next month’s midterm elections having failed in either chamber even to put the issue to a vote.
In spite of the fact that President Obama made reversing the tax cuts a central pledge of his election campaign – along with ending combat operations in Iraq, a promise he fulfilled in August – the White House was abandoned last week by nervous Democrats to fight alone at the barricades. To the surprise of many, Nancy Pelosi, the Democratic speaker, did not even schedule a vote before Capitol Hill went home.
“For all their [Republicans’] talk about reining in spending and getting our deficits under control, they want to borrow another $700bn, and use it to give tax cuts to millionaires and billionaires,” said Mr Obama in his weekly address before the final week of Congress. “On average, that’s a tax cut of about $100,000 for millionaires. Instead of cutting taxes for the wealthiest few, I’ve called for tax cuts for middle class families who saw their incomes shrink by 5 per cent during the last, lost decade.” … (more)
